Fast Money Boys Were Wildly Bullish Thursday Night. Result: Market Plunges
June 7, 2008 3:24 PM
Here is some commentary from Fast Money Thursday night. Guy Adami said the S&P 500 would blow through resistance and commodities and equities were on the move again higher. Jeff Macke also said that the markets were ready for a move higher. Pete Najarian couldn’t account for the huge move up.
Exactly. The huge move up was not warranted by either the charts nor economic reality. This is why I posted after the move that I was “skeptical - at best - of any move higher.” and repeatedly kept saying “I don’t like the lows, I don’t like the lows”. The result was down 400 points right after they were all screaming and raging bulls. More comedy, per usual. That is why I have repeatedly warned against watching TV shows for market advice for anything but entertainment.
Most of what they all have to say should be crumpled into a nice tight ball and swished.
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