How the MEDIA fooled most of us, Examples:
May 21, 2010
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Lulled us to sleep
No doubt the financial media played a big role in lulling investors asleep. The April issue of Newsweek exclaimed: 'America is Back.' But Newsweek wasn't alone. Below are headlines from April 26, the day the S&P peaked:
Bloomberg: 'U.S. stocks cheapest since 1990 on analyst estimates.'
Bloomberg: 'Biggest banks are back as JPMorgan, Citigroup turn corner on credit crisis.'
Wall Street Journal: 'Consumer mojo lifts profits.'
Wall Street Journal: 'Technical analysts see room to roll.'
Jon Markman on Yahoo Tech Ticker: 'S&P could hit 3,000 by 2020.'
On April 7, the Wall Street Journal touted: 'Dow 11,000 is only the beginning.'
Quite to the contrary, the ETF Profit Strategy Newsletter went out on a limb and noted on April 28: 'With various sentiment gauges having reached multi-year extremes and Investors Intelligence bullishness at 54%, the potential exists that Monday's high - which was only one point short of the 61.8% Fibonacci retracement at 1,220 - marked a significant top.'
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