Links for Columbus Day
Earlier this morning, I asked if you guys remember what I was writing back when the markets were panicking and we were buying and preaching to look past whatever they wanted you to panic over at the time?
Things like this: Traders on TV are idiots – “I’d be a buyer of Apple, Google, Microsoft, F5, Intel, Bank of America and a bunch of other stocks right here. And while I fret over any and all of my investments and trades constantly, I do feel a little bit better about buying while that guy on TV is trying to get everyone to panic.” Now, we’re back to what’s probably a more “normal” trading level, but that doesn’t mean we won’t have another scare turn into a panic sometime in the next few weeks too. And the more these stocks have run into their respective earnings reports, the higher the bar gets set for the reports. I’m still much more of a bull than a bear, but let’s realize that a 12% five day run in the stock market isn’t a norm either.
Nice rally this week – has anything really changed ? – Brian Gilmartin with lots of interesting data points and thought-provoking analysis about the action in the broader markets of late.
Michael Vick now pumping penny stocks? – A fascinating look at the sometimes, unintentional but still inexcusable, penny stock pumping by celebrities. And as for the guy in the headline, well, as Tim puts it in the article: “C’mon Vick, given your past trouble with the law…”
I go to Zuccotti Park and Politics, Money and OWS – Another dig by Bruce Krasting at the TBTF banks and other giant companies like GE who are only solvent today because they got trillions in bailouts from you and me and they continue to avoid paying taxes, following what used to be GAAP accounting, and laying off thousands of workers so the management can continue to loot taxpayers before the next big crisis causes them to need yet more welfare help. I tell people that the demands of Occupy Wall Street are very easy and straightforward – simply enforce the existing laws on the books and stop all forms of welfare for banks and giant corporations. That’s it.
