The stock market has been dow in each of the last six weeks and the DOW is now below the 12000 mark. This makes for some great water cooler talk which stems from what one colleague of mine likes to refer to as “financial pornography,” from the so-called experts on television. Just as sex sells, so does bad doom and gloom news. I very much look forward to the 2nd coming and the new Heaven and new Earth when the report from the Jerusalem Press will be the same each day; Nobody died (whatever that means) today. Nobody went hungry (whatever that means) today. No tears (whatever that is) were shed today. Nobody was without today and the forecast is 70 and SONshine with chance of rainbows.
Of course that report would not get good ratings on CNBC and would not be allowed to air what with the Bible reference involved. What is allowed on the news today is all the nonsense from so-called experts that are predicting a double dip recession, market collapse, 2nd wave of housing market drop, inflation, buy gold and silver, $150. oil prices…..”The sky is falling, the sky is falling!”
Aren’t these the same Chicken Littles that have been saying the same thing since the markets hit bottom in March of 2009?
Everyone needs to just relax, take a deep breath…..and count to 10. Lets take a step back and look at this elephant from a far. The market had one of the greatest two-year bull market rally in history. Markets do not move in a straight line. It does go up and down. Coming off such a great run, it was due for a breather. A little pullback. Remember the saying, “Sell in May and go Away?” We were due for a pullback. Has the chaos in Greece and rise in the unemployment rate have something to do with this decline…sure. Instead of looking at the sky is falling, double dip recession approach that sells well…..why not look at this as a buying opportunity. Macy’s is having a sale. Blue Light Special at Kmart. Market has been down. Great time to be adding to your current investments.