I agree with Uptick....you need fools involved to make the easy money. This will happen at the top of an move and also the bottom when the vicious cycle starts over. You need the herd going strong to see the countertrend moves last and develope into full reversals. I love this game. The markets will always captsize the cruise ship when the crowd in on one side and no more fools left to buy.
True, you'd be surprised at just how many people like CNBC and Cramer. Basically the majority who are interested in stocks but DON'T work directly in the markets. They hang onto every word this crappy channel says. And that's our problem (well, not mine because I can't remember the last time I switched to CNBC), we look at the channel from a totally different perspective.
I traded a few million for a friend/client, and had him up 25% for the year. Then he started watching Cramer's show, and calling me daily with his "picks" that he wanted to trade. That put an end to that relationship. I felt like I had a girlfriend who, despite my sexual prowess, asked if she could use a vibrator. The objectives of CNBC...or of any commercial outlet...are not truth or fairness or immediacy. They are ratings and commercial sales. The best example of that is this morning, when Becky Quick says, and I quote her... "We have breaking news to share with you...but we'll be right back with that after this message".
everyone needs to goto the cnbs website and ask for cramer to be fired.. total manipulation options game.... screaming fire in a crowded theater to get that high opening print!
1) The market was already open when monkey boy came on. 2) Anyone who would buy on his idiotic statement deserves to lose money. 3) Next to stock777, Cramer is the greatest fade ever.
he was pushing GS at $220 a share stating that "anyone who sells Goldman at $220 is an idiot" GS is around $175 give or take....priceless