I did something today I don't usually do anymore, watch CNBC. When I was in retail we used to have it on in the office on the overhead tv's. Well, with everything happening today I decided to watch pom pom TV for the last hour of the market and I must tell you, it is nauseating. To say that I disagree with EVERYTHING I have heard would be an understatement. To watch CNBC cackle(thx Maria) about is why things are so great, why you should not panic, why any down move is an overreaction, why any downdraft is a buying opportunity and why anyone who disagrees is an idiot.
Why the focus on how far we've "bounced off the low", maybe its driven by a natural disposition to optimism, maybe it is driven by who butters their bread regarding advertising, who knows. The one thing I do know is that if you are listening to that station to get your investment posture I wish you well. You will be holding your "the fundamentals haven't changed" stocks all the way down, just like the tech bubble. You will fall in love with your stocks and the further they plummet the harder it will become to sell, you will continue to look at hte old highs as attainable and then after the relentless, grinding implosion, amidst the ruins of your positions (ie. your $80 trading for $18) the incessant babbling by dumb and dumber(Radigan and Pisani), the money dummy or was it honey?(Maria, are they acting or reporting) will have moved on to the next hot sector, like we have currently with the Dow 30 and assorted multinationals (stocks you could have bought at enormously cheaper levels).
THEY were busy hyping tech to the point where you feel intellectually bankrupt if you don't own them. As it was then with Cisco, Intel, Dell and Nortel today we have Caterpillar, U.S. Steel, Philip Morris, etc. Please learn the lessons from history so you can avoid repeating them. That being said, the one person worth listening to is the one person who gets the least amount of air time, Art Cashin.
To quote Jesse Livermore "we don't want to be on the bear side or the bull side but the right side." Good trading to you all.