Wednesday, March 4, 2009

Wall Street: The Stupidest People on Earth

Beginning in October, I have made it a point to educate anyone reading this blog about the stock market Rush Limbaugh and the other conservative talk show hosts could use the education, unless it is all really tactical on their part--yes, I am as cynical as they come). Since October, I have never been wrong on the stock market (as distinguished from individual stocks). You can look at my entries on the stock market since October (lots of them, generally under the heading: Wall Street: The Stupidest People on Earth).

How many people can say that they have not said a (material) wrong thing about the stock market since October? I think I am about the only one. And I have not rested on success. Like Ted Williams, tryin to hit .400, I am not sitting out games to preserve my accuracy rating. I keep telling you what is going on in the stock market, and I keep being right.

Today is an example. The Dow is making moves suggesting that we might have one of those totally fictional, momentum/short covering moves at the end of today's stock market action. The Dow has already been up 150 points at times during the day. I hafe previously told you that ONLY the Stupidest People on Earth would continue buying stocks on a day in which the Dow is already up 150 points (originally 200 points, but in percentage terms it should be more like 150 now).

I emphasize that I am not saying that the stock market should not go up today What I have said, and continue to say, is that only the Stupidest People on Earth would continue driving stocks up ona single day to the point that the Dow goes up more than 150-200 points. It is not a sign of health for this to happen. It is a sign of sickness. Now there might be newsy events big enough to constitute an exception. No such news event has occurred since October, and none is happening today. Nope, NONE of the bailout or "stimulus" programs represents that kind of news event.

Now is it possible that Wall Street is finally following my advice, or has fianlly figured this out (it being no brainer stupid not to have figured it out long berfore now)? I say that because the stock market is showing some reluctance to go up more than 150-200 points in a single day. The stock market has backed off today every time it has been up close to 150 on the Dow.

However, I have told you before that I have confidence in the people on Wall Street. These are the Stupidest People on Earth. They do not learn. If the Dow does go up more than 200 today, you will know that the Stupidest People on Earth have struck again.

P.S. If you believe Wall Street poeple learn, ask yourself whether they learned anything from the bursting of the bubble in 2000. They did not learn a single thing from that, as they do not learn from anything. That is why they are the Stupidest People on Earth.

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