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From The Trading Turret
January 10, 2006
Psychobabble
OK – The Dow went above 11,000 yesterday for the first time since 09/11/2001. Big deal! I don’t think so. For those that don’t know my habits, I conclude my work day channel surfing the talking heads to see what if anything I’ve missed.
Every channel had a report on the Dow Jones Industrial Average and the fact that it crossed 11,000. OK – it’s news, BUT what struck me as odd was the fact that EVERY reporter used the word “psychological”. As in – the Dow Jones crossed an “important psychological” barrier today or Dow 11,000 is an important psychological whatever.
Psychological? I don’t think so. It’s a number for crying out loud. Even perky Katie Couric said that with the Dow crossing the important psychological barrier of 11,000 is it now time to get into stocks? Tell me Katie – just how do you invest you million dollar salary? Bury it in the back yard or in a closet in the Upper East posh pad you call home?
Someone once ask J. Paul Getty when the best time to invest was. He responded by saying – when you have the money. Duh?
It’s time for people to take off the blinders and see what’s really going on outside the “elite” ivory towers of the world. The economy is good – not great by any measure. Jobless claims are down, which means that most people who want to work are working. Home prices are steady not dropping like a brick. But then that’s good news which by now even the most wine addled sap should know that stuff (the good stuff) will never make the airwaves.
Also – I’m going to take pen to paper and write something about the wizard. Just who is the guy who put the word psychological” out there first because everyone else copied him? Remember the word “gravitas” used during the Bush-Gore battle a few years ago? Gotta be the same wizard putting out these talking points.
I'm done for now.
Happy Trades,
Bob Christy
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