Of course I'm right. Investors aren't stupid. Who wants to risk investing right now in the first place, then to add another 10% tax onto their returns is just ridiculous. Plus you're going to take more money out of their paychecks so there's less to invest. I know I'm not in the mood to buy stocks, are you?
The market had moved up nearly 20% in the previous six sessions. The conventional wisdom on CNBC completely discounted the idea that it was a verdict on the election.
Anyone selling on Wednesday due to election must not have been paying attention for the past 6 weeks.
The jobs data from ADP, along with the short term overbought market, created yesterday's activity.
I'll give credit where it is due. Today, Ken Heebner, one of the best mutual fund managers in the world (CGM), said he thinks that the election is one of the reasons for the market downturn of the past two days. He added that it didn't make sense, everyone could see it coming, but it is part of the reason for the 10% drop along with the daily dose of really bad economic news.
You were right. I hope you sold short on Tuesday. You'd have made a bundle!
4 comments:
Of course I'm right. Investors aren't stupid. Who wants to risk investing right now in the first place, then to add another 10% tax onto their returns is just ridiculous. Plus you're going to take more money out of their paychecks so there's less to invest. I know I'm not in the mood to buy stocks, are you?
When people sold their stocks yesterday, who bought them?
Answer: an apparently equal number of people willing to invest now.
That is why they call it a market.
The market had moved up nearly 20% in the previous six sessions. The conventional wisdom on CNBC completely discounted the idea that it was a verdict on the election.
Anyone selling on Wednesday due to election must not have been paying attention for the past 6 weeks.
The jobs data from ADP, along with the short term overbought market, created yesterday's activity.
Gary -
I'll give credit where it is due. Today, Ken Heebner, one of the best mutual fund managers in the world (CGM), said he thinks that the election is one of the reasons for the market downturn of the past two days. He added that it didn't make sense, everyone could see it coming, but it is part of the reason for the 10% drop along with the daily dose of really bad economic news.
You were right. I hope you sold short on Tuesday. You'd have made a bundle!
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