The market's up 3%, a bank rant, and self-loathing...
Holy moley...if you haven't been paying attention the market's up 3% today!
It's supposedly on strong Intel and Goldman earnings reports and bogus government forecasts that the economy's going to contract at a slower pace (in other news, I'm dying at a slightly slower pace than I was yesterday because I ate a turkey sandwich for lunch instead of pizza). The real reason: who knows?
A bank rant
Wall Street infuriates me these days. Now that their share prices have stabilized, they're trying to get theirs:
Exhibit A: Goldman is expecting to pay record bonuses based on trading that seems as risky as it ever was. Don't think the others are far behind.
Exhibit B: Bank of America is trying to weasel out of paying the government $4 billion for its asset guarantees because of a technicality.
Exhibit C: JPMorgan has been whining about the price the government wanted for its warrant buyout and is fighting for lax regulation of derivatives.
If I lose my house and crash on a friend's couch for six months, I'm not arguing with him about a couple bucks on a dinner check when I'm back on my feet.
Alright, enough with the banks. I'm looking at the man in the mirror now. Two things I did today that I wish I didn't:
- I checked my out my portfolio about 10 times today on Yahoo! Finance...you'd think it was b/c of the 3% uptick...sadly, no, typical day.
- I got excited b/c a stock I bought in the last few days is up 10% since I bought it last week. Never mind that the market's been up since I bought it or that it's a very minor short-term movement that has nothing to do with my long-term investing thesis. And never mind the wreckage in the rest of the portfolio...I caught evil Anand calling himself a genius more than once.
As a struggling doctor once said, "What I wouldn't give for more patience!"