Saturday, November 10, 2012
News and commentary: their news, my commentary
Haven't been putting up these news stories in a while. Kinda figured you guys just go to my reading list and find the news for yourself. But sometimes I just gotta step in with the commentary.
Bespoke pointed out on Thursday that the market was oversold everywhere. What are you going to trust - your silly gut instinct? Or the cold heartless objectivity of statistics? I trust Bespoke.
BI runs an article by David Kotok where he points out there is actually a lot of clarity available, people are just ignoring it. He's strongly bullish from this point forward. I feel he makes some good points. I've been ignoring Kotok's posts at Ritholtz for a while - maybe I should start paying attention to him again?
Calculated Risk thinks the fiscal cliff nonsense is bullshit, and it'll all be solved. Because that's politics, and (as I like to note re: Germany and stimulus) the minute big business gets freaked out enough about the deal, they'll turn up the heat on their servants in the House to get things solved. I really should add him to my RSS.
Speaking of which, I've deleted a few feeds from my RSS recently. WSJ's Marketbeat seemed to be a bit of a waste of time - all I do is scan the headlines. So, delete it.
I was also temporarily subscribed to the Uncommon Wisdom Daily blog, just to check it out. I like Brodrick, but the other writers there are utterly worthless to me - the same political dogma bullshit that I can follow anywhere else and lose the same amount of money on in the market because it's wrong. Meanwhile, there was also a horribly pumpy promo selling a Brodrick writeup that just made him look bad by association. So it goes off my list as well. Sorry Sean, I like you, but I won't wade through a mountain of garbage to find you. Start your own blog please.
I think there were one or two other blogs I've deleted. Ritholtz is actually teetering on the precipice. And I might delete my Bull Market Run feed.
All this because I don't need news. I need the truth.
You do too, so you should also look into culling your newsfeeds. Just a bit. Maybe just one feed for starters, and see how it goes.
Speaking of which, here's another guy who I'm about to delete unless he fucking cleans up quick:
Reformed Borker (Bork Bork Bork!) is now forwarding some other loon's idiotic idea that we're drawing a gigantic head and shoulders that will ultimately drive the NYSE Composite down to 2000. I.e. down 75% from today. And that's only if you use the log scale - a linear scale gives you a target of negative 2000 or worse.
This sort of collapse porn, which Ritholtz has also gotten into, makes me think that Josh Brown and Ritholtz and that whole doomer crowd has gotten heavily into the blow and are now suffering from cocaine psychosis. I'm fucking serious: I fail to find any explanation which doesn't involve massive drug use.
Now, is there a drop coming in the market, long-term? Well, the average secular bear has three crashes, and we've only seen two. I betcha if we do see a 40% collapse in the next couple years that they'll all be screaming about how we're about to see the market collapse into nothingness.
And that'll be the time to buy because we're about to go into a secular bull.
Fuck you for your queerboy doomer shit, Brown. Just remember you're not a fucking economist, you were a telemarketer in a fucking bucket shop and then you started a blog about it.
And whatever happened to the sane Ritholtz who used to say "when the market's going up, I'm supposed to be making money"? Where's the sane Ritholtz who says "when the music's playing you're supposed to dance"? I'll tell you - these guys have let their heads get swelled by a couple years of attention, and now they've turned into self-referential cokeheads who fuck knows might start stocking up on weapons and silver rounds next, renting out their buttholes to Sprott and Casey, and giving half-hour talks on some podcast about the coming apocalypse.
I bet they find Jesus next.
I can get enough of that shit from ZeroHedge. Is that where you want to be posting a year from now? Grow the fuck up and give me hard data that I can base an investment decision on. Otherwise say hello to the militia crowd, that'll be what's left of your readership.