“Iâ€™m listening to the â€œmarket analystâ€ on CNN, and she assured me the market is going to rally today because, and Iâ€™m paraphrasing, â€œthey were reassured by Ben Bernankeâ€™s appearance on 60 Minutes.â€
“Really. No wonder we are in this mess. That is how my ex-girlfriend picked restaurants- â€œLetâ€™s go here. I liked the look of their greeter.â€ If this is how the market really operates, I would not be surprised if this is just another short-term rally before the next plunge to the bottom.”
– John Cole of Balloon Juice
Agreed, agreed, agreed.
This obsession with a vague measure of how a handful of companies are doing is craziness. These analysts need to get back to doing some real reporting backed up with some real facts instead of wildly speculating about why that measure will go up or down on any given day.
In short, focus on the long term please and ignore this nonsensical “Dow up. Dow down. What does it all mean?” mentality.