Regular readers know we are looking for S&P 1125 sometime this month. If you watch this stuff (and I understand normal people who don't) the level of nervousness about the market's direction and this earnings season is as high as I can remember. Participants know they are playing a dangerous game; we all think we will be the one to grab a chair when the music stops.
This is creating a frisson for the players that has to be at least as exciting as Chris Matthews reaction to a Barack Obama speech:
"...the feeling most people get when they hear Barack Obama's speech. My, I felt this thrill going up my leg. I mean, I don't have that to often."A week-and-a-half ago I emailed a friend a thought relating to this phenomena:
DJIA: Change: 124.62 (1.31%)
Tonight, Ma and Pa Investor will hear Katie Couric give the closing quoteMa: The market was up a good bit today
Pa: Maybe we should call that broker feller
Ma: I don't know..
Pa: Well, let's see what happens tomorrow
Wash, rinse, repeat until they can't stand it any more.
Then Goldman Sachs sells them some stock and starts shorting.
I've debated whether politics or investing is dirtier, it's really, really close.Last month, a commenter on a Clusterstock post "This Time, The Bulls Get Sick":
txchick57 on Sep 23, 4:57 PM saidMy response:
Got a lot of these "key reversals" in 2003 which got everyone all beared up, only to have their hearts broken again. Don't know why this should be any different.
@txchick57,Yesterday Intel reported, this morning JP Morgan. Here's JPM on INTC at Notable Calls:
That would be a bingo. At least into earnings season.
Intel (NASDAQ:INTC): Another Quarter, Another Massive Beat and Raise But Several Signs of a Peak; Reiterate NeutralHere's the JPM headline at Fox Business:
J.P. Morgan's Credit Losses Rise Despite BeatAs the old song says, "The Beat Goes On":
Watch Sonny & Cher - The Beat Goes On - 40 years ago in Music | View More Free Videos Online at Veoh.com