I did a few Yahoo Tech Ticker videos with Henry Blodget on Wednesday (9/1/10), Readers have asked to be updated when these appear, so — you can see the vids here:
• Bear Days of August Might be Over
One interesting note: You MUST read the comment streams at Yahoo Tech Ticker! They are not only some of the least informed, crowd based, tinfoil-hat wearing, conspiracy-laden/conventional TV knowledge you will ever see — they are money-makers if you fade them.
In the past, what passes for “conventional wisdom” there is truly appaling. Yahoo had to do a major upgrade to screen out the more offensive junk there, but in terms of basic understanding of economy, markets, etc., it was amongst the least informed commenters I have come across — they have been (at least on my appearances) an extremely reliable contrary indicator.
There is one line of comments I find especially amusing: Anything stated that is market positive means 1) You are a perma-bull; and 2) You want higher prices to short into. (Forget that these are inconsistent). Anything bearish means the opposite, with accusations of being perma-bear, and looking for cheaper prices to buy. I discussed this with various Yahoo people, and they were aware of this foolishness.
These two appearances were classic:
• August 2008: Sucker’s Rally Alert: Dow Going Below 10,000 (Aug 12, 2008) Incredibly Bullish comment stream, heading right into the collapse.
• March 9th 2009: “Big Bear Market Rally Coming,” Says Noted Bear Barry Ritholtz (recorded March 9th webcast Mar 10, 2009 08:35am) Unbelievably negative commentary — Dow 3,000, end of days silliness — right into an 82% S&P rally.
Unfortunately, the comments from these two older videos have been lost — but they were astonishingly ignorant, frighteningly wrong.
I used to think the Yahoo message board people were the least clued in amongst the amateur investment community. I stand corrected.
What's been said:Discussions found on the web: