The Market Is About To Plunge (Day 7, Vol. 5)
Very brief today.
Ask yourself the following?
Is nearly half a million new unemployed people good?
Is GM wiping out 99% of your common shareholder stake good?
Is it good that shareholders are too stupid to sell their shares today as they don't understand the news?
Is it bad that BAC is insolvent to the tune of $30 billion dollars?
Is it bad that the stock of this walking zombie is rising?
The market is simply climbing a wall of worry. At some point, people will realize that stocks can't keep climbing while the economy worsens. I hope you're not long the shares of insolvent firms like ACAS (-22% today) when the sheep that trade this market figure out that we're still in a deepening economic crisis.
By the way, to all the people leaving nasty comments on these blogs: I'm keeping an archive. I can and will use them to humiliate you when the market goes plunging again. Of course, most of you will leave (or shamelessly change your screen names) when the market crashes again just like last fall. It was too bad all my critics left then. Luckily, a new bear market rally makes new suckers.