The *Smart Money* Continues to make *Stupid* Investments
Not sure why they refer to "Professionals" or "Smart Money" as basically mutal fund, hedge fund, activist fund money managers. Supposedly only those with a POT of $millions are the ones who know how to invest and everyone else..us individual pueblos just sit around with our mouthes open, drooling on the carpet, waiting to get stepped on by a big money guy that decides to buy or short one of our stocks.
Well.... The Smart Money was SHORT the market at DOW 6500 back in March.
Well.....The Smart Money according to Jim Cramer scooped in and drove the market up higher yesterday when stocks dipped sharply...
Problem here is that the stocks dipped in expectations of an ADP report disappointment.
Lo and behold....those who profit took or sold out of a stock did the RIGHT thing.... Money Managers did the wrong thing.
The market today is *fair value* in my estimation. Given the fragile employment and consumer spending and income level situation it makes no sense to go much higher than here.
DISCLOSURE: Varchild2008 hasn't bought a single share of stock since the 1st week of July.