Classic:
U.S. stocks advanced for the first
time this year, led by drugmakers and utilities, as investors
snapped up companies least affected by an economic slowdown…The Standard & Poor’s 500 Index advanced 10.86, or 0.8
percent, to 1,422.49 as of 12:56 a.m. in New York, rebounding
from its worst start to a year since 2000. The Dow Jones
Industrial Average increased 64.38, or 0.5 percent, to 12,864.56.
The Nasdaq Composite Index rose 15.27, or 0.6 percent, to
2,519.92.Stocks are "oversold,” Marc Faber, who oversees about $300
million as founder of Marc Faber Ltd., said in an interview with
Bloomberg Television in New York. "I would expect them to make a
bottom this week and then rally.”
>
Source:
U.S. Stocks Climb for First Time in 2008; Lilly, AT&T Advance
Michael Patterson
Bloomberg, Jan. 7 2007
http://www.bloomberg.com/apps/news?pid=20601087&sid=asNhw_S.APJM&
Next headline:
Stocks are negative for this first time this afternoon!
I got much the same headline in my email approximately 15 minutes before the market even opened.
I can imagine the euphoria over at the street.com upon the opening…..only to need to replace all those “stocks are up” headlines with some other wildly optimistic “gem” of an article.
I’m patiently waiting for the headline that says “There APPEARS to be more sellers than BUYers today…but hold on we still have an hour and a half to go”
Ciao
MS
Bush is kind of Angry today, isn’t he.
The market’s, purported, favorable reaction to Mr. Faber’s quote is a bit out of context to the interview. Also, I don’t think that Mr. Faber has any of the $300 mil in US.
Sometimes i really wonder about these headline stories. They are usually illadvised and incorrect and based totally on some nimwits opinion. Markets are flat not up and trending down. I wonder if they are going to revise this within the last hour of trading as stocks take a heading towards negative. Rally at the end of the week? based on what? someone’s euphoric hope that stocks will rally. We will have bad data all week : http://biz.yahoo.com/c/e.html and the market psychologically has taken a swing .. A rally the week after : http://biz.yahoo.com/c/ec/200803.html ? get real. What morons these people are. After ~6 months of extensive market/economic research, I have come to absolutely ignore headline stories like this and the opinion’s of bought analyst.
Stocks are “oversold,” Marc Faber, who oversees about $300 million as founder of Marc Faber Ltd.
^
It’s a wonder how these clowns actually make money and I sometimes wonder what form of education they received. Then again, if you follow the belief that what they say are complete lies then you see exactly how they do make money and how they are actually pretty smart ;).
Lol ED.
Yeah, if stocks are oversold, why are Bush & Co. starting to act like they are going to do something productive (which while impossible, does not mean they cannot act like they are going to do it).
Jombi:
Do you believe that he’s telling the people that invest with him the same thing? Of course not. Guys like Faber say this publicly so idiots buy and Faber can sell his clients stock for a profit.
If the economy is great, why does it need stimulus…. Just asking? I thought we were breaking all kinds of records, Record Oil, Gas, Bank Write offs, inflation Ex-inflation(Copy-write BR).
Ghost of tom Joad…
I just caught that…. I hope the family is well.
We may not see this headline until November.
Funny, finance.yahoo.com has leader of “Stocks Fluctuate on Iran Worries”, when you click on it, you get this post’s headline and text…guess they are having a hard time giving-up on that first of 2008…
When I saw that, I was thinking of including it in a comment, only to find it a full-fledged post…
don’t worry. all will be well in the 2nd half.
Any source of information that is created for the underlying purpose of selling advertising, marketing a product, or to report government statistics should not be trusted.
The greater fool is not the one who created the information but the one who reads it without giving thought to the motives and bias of its source.
There should be no surprise that media sources produce such loud and blatantly ignorant “noise.” They’re trying to sell something…
This is wishful thinking but, if we could succeed in ignoring the information, perhaps it would fade…
Market is oversold??
give me a brake! I figured the market would be up today- then tomorow hopefully come smashing down. (we’re heavy in puts- long puts that is)
Let Aloca be a wakeup call to the bulls- that should take the dow down a few hundred fairly quick
interesting when the market tanks its oversold, it if really tanks hard a second time- then it rallies b/c the fed will cut rates—-is something wrong with that picture?
On Alcoa…
From Business Week:
Charles Bradford at Soleil Securities in New York says he was one of the first analysts to cut his earnings outlook for Alcoa, essentially halving his estimate to 25 cents per share from 49 cents in November. Several others have followed suit in recent weeks. He has a hold rating on the stock and a target price of $40.
lol! cuts his estimate in half yet still doesn’t put a sell rating on the stock and keeps the estimate 10%+ above where it was trading…moron.
If Benny dropped…say…two trillion dollars on Kansas one morning and screamed ‘Free for allllll!’ while simultaneously conducting air strikes on the mass of empty homes…that sort of situation would pump enough money into the economy that it just might temporarily increase GDP enough to prevent an immediate recession. And I know that if the Bush administration did try this, they’d somehow really mess it up.