Yesterday, the bears were fairly thorough, I would say and the bulls rolled over, or, should I say, bulled over rather easily.
- The bull assassination was done so swiftly, and with such precision-like accuracy, that I thought the bears must have hired a professional hit man.
Today is starting out in the red, but the pace of selling seems tame, at least at this point. Some bodies out there really don’t want this market to crack the ceiling and keep on going.
- That didn’t take long. I am talking about clocking the speed between the point when the market started dropping and when the instant analysis came to state that the market run is now over — that it is not too late to sell in May, and that the action in bonds was right, and that equities are toast.
If I didn’t understand the breathless media knows on which side of the bread its toast is buttered, then I might believe some giant conspiracy is going on here to keep the market from its “appointed round.” Yet, in the end, the market is still going up, even if it is in fits and starts. In the last three months, yes, the crazy up and down three months, despite the constant barrage of “news” that has predicted the end of the bull rally (a constant now, much like the North Star), both the Dow and the S&P 500 are both up, some 430 points and 42 points respectively. Yes, the ride up has not been pleasant, but, in the end, the market is higher.
As to pleasant rides and going up … Today, the “fam” and some friends are headed to Yosemite for a couple of days. There is a hike there that has been on my bucket list for some time, and we are doing it. The hike takes you to what many folks claim is the most sweeping and beautiful panoramic view of Yosemite Valley, one of the great geological wonders of the world. Anyway, to get to the elevation for the view, the hike takes you up and down, and in some places really up and down, but, in the end, you get to the view. Sometimes, a few grueling steps up then some fast steps down is the only way to get to the view. Anyway, I am looking forward to the hike because I know what lies at the end of that up and down trip.
- There are plenty of small cap stocks that have more than proven themselves as long-term winners, and are capable of doling out long-term gains for shareholders. The hard part is finding them. It’s worth the work though.
If you ever learn anything from my meanderings throughout the market world, it should be the essence of the above – playing the market is a job, if you want to make money that is. And just like any job, sometimes you do it well and other times you mess up. I have done both over the years. The good news is the market has not fired me, at least not yet, so I will keep on showing up and doing the best I can.
- U.S. regulators on Thursday advanced a “net neutrality” proposal that would ban Internet providers from blocking or slowing down access to websites but may let them charge content companies for faster and more reliable delivery of their traffic to users.
Why have brought up the above up two days in a row? What does it have to do with the market? Specifically, at the moment, little is the answer, but, in the near future, the answer might be lots, given that the cast of characters involved with the Internet, and this specific issue, are legion, large, and quite capable of dominating like nothing we have ever seen – Apple, Google, Comcast, and AT&T, to name a few.
The issue at hand is gate keeping, as I said yesterday, and it is in no one’s best interest, including the market, to allow these giants to collect tolls or to force these giants to pay tolls for doing what they do best – provide all of us access and tools to work, play, and function in our daily lives. It is a slippery slope to pass legislation in the name of protecting us from evil only to allow that evil to remain in place. Evil is insidious, and if it is around, it will certainly penetrate the best of intentions. Sermon over.
- Portugal is set to exit its international bailout program tomorrow three years after it requested a €78B ($107B) rescue.
- Apparently even bad things can come to an end. Standard & Poor’s has announced on Wednesday that it has upgraded the ratings of the four major Greek banks to “CCC+” from “CCC” in the call – including National Bank of Greece S.A
Slowly but surely, the naysayers on the PIIGS, the Eurozone, the euro, and Europe in general are finding their listener count falling to only the loyal few, the true believers. The times, my friends, are a changin’ …
Trade in the day; invest in your life …
