All that negativity is building upon itself…

It sure felt like the market was down a lot more than just one-quarter of one percent today, but that’s all that the was down.  I heard a prognosticator give and get serious respect in calling for a DJIA 10k target by October when I changed the Sirius from Howard Stern to CNBC this morning.  And every time I turned on the radio or opened a newspaper or visited a finance website today, the words were the same and they were all about how horrible this market and economy supposedly are.  All that negativity is building upon itself, feeding upon itself, growing and if and when this market finally turns back north, all that negativity will be a big backwind for the markets.

I bought the Cisco calls today and did no other trades.  Corning’s getting back to where it was when I first initiated it for subscribers and it’s what I’ll be working on tonight.

In the meantime, here are some headlines on your favorite rent-seeking company and mine — Lender Processing Services:

Mortgage Recording ‘Fix’ Falls Short in Oregon‎ – Wall Street Journal (blog)

MERS names former banking regulator as independent director‎ – Housing Wire  (Anybody else notice the irony in calling a former banking regulator using the revolving door “independent”?

Credit Rating Downgrade: Lender Processing Services‎ – Toronto Star

At BofA, more incomplete mortgage docs – Fortune

This one is going to be very interesting in coming months…and I plan to use any strength in LPS stock to build up this one, which is already my biggest short.

Thanks for reading and see you back here tomorrow.