Remember DLJ market strategist Tom Galvin? He was a God until the end of the Big Bull Market in 2000 when the MEDIA "killed" him. http://www.thestreet.com/markets/aarontaskfree/932780.html "Galvin is the new star on Wall Street," the source said. "Plus, the press has already destroyed just about everyone else." Indeed. Remember when Ralph Acampora could move markets with a mere twitch? Or -- for those who've been around the game a little longer -- Joe Granville? Or Michael Metz, etc., etc. To his credit, Galvin eschewed the guru-king title. "This market is way too big for any one person," he said Wednesday afternoon. "I would never want to be a daytrading strategist. I'm not there to say what will happen tomorrow. Hopefully, I can tell people where they should or should not be looking over the next three to six months." That sounds pretty much like what a Wall Street strategist traditionally has done. The problem, it seems, is that there's such a focus on the here and now these days, that there's a ceaseless demand for instant analysis, if not a savior. Goldman Sachs' Abby Joseph Cohen has reigned so long on Wall Street because she almost never comments on short-term fluctuations. Galvin would do well to follow her lead, or risk being sent to the media equivalent of the gallows, should he dare commit the cardinal sin of being wrong. To err is human. To forgive, unlikely."
Exactly, and don't forget the perks that come with it....have you seen his wife for instance ? What's funny is that Bolling admitted he was trying to sell that HUGE morning rally on Thursday morning and he finally quit selling S&P Futures around 10:30 am.....only 1/2 hour before it "topped". Again, interesting to see a guy of this calibre being directionally-challenged (like I am most of the time !). Had he waited a bit, a beautiful double-top formed at 1:30 and finally 2 pm that day....It was "short city" after that. But he said he had moved on to other things......hmmmm. One thing that is impressive about him though, and I'm sure this is part of his success, he never, EVER gets rattled ! Rock Solid.
Cramers number 1 stock pick for the year, announced about a month or so ago, is Level 3 LVLT, around $6.15 a share, when he said it on tv. I am not very good at picking stocks longterm, to me, longterm is about 2 months. But it would seem to me, after looking at this stock, that there has to something better than this one, for the year. Just my opinion.
I am looking for that Cramer-Irony video that was posted on Youtube a few months ago and mentioned here. One guy was imitating him in his studio. Can anyone post a link ? I can't find it.
I used to be a floor trader in the World Trade Center back in the late 80's when Bolling was first starting out on the NYMEX with a lot of new guys. Had lunch in the dining commons with him and other traders such as Marc Fisher ( who I once saw try and back out of a 200 lot purchase from a floor broker that looked like Sylvester Stallone in the silver pit and almost took Fisher's head off!), Mark Dickstein, Bobby Moss, etc. - - - Bolling always struck me as a stand-up guy. ( As a side note, the funny part was that the multi-millionaire Fisher who probably averaged $10-15,000 per day would never pay for his own lunch in the cafeteria. Paying the cashier for Fish's lunch was always up to whoever the guy was that was standing behind Fish in line. It was an amazing phenomenae. Guess he never had any "small" bills. ) Let's face it, 99% of the "talking-heads" on CNBC are idiots. Especially the syndicated financial pundits like Herb Greenberg. He always prefaces what he says by saying "I don't know what I'm talking about and I may not know anything about this, BUT . . . Blah, blah, blah." These guys are a joke. Bolling is totally down-to-earth and fairly humble. Being a trader down in the pits has taught him that. People talk about the percentage drops in the stockmarket this past week, but that doesn't even come close to some of the moves in the energy futures markets, especially Nat-Gas where a 1 lot can be like trading 10 S&P's!!! People get carried out of the Nat-Gas pit every now and then. Bolling's seen that. It keeps him humble, and human. He has a TON of market experience. He's a good guy. I like Art Cashin and Eric Bolling. Other than that, everything else about CNBC is about self-promotion and hype.
On Tuesday evening, it was so sad actually. One caller almost whispered booyah. I almost sent a check for them....