Tuesday, June 03, 2008

Worthless stock market advice

On May 8, 2008, "An end to the economy's nose dive?", MSN MoneyCentral, Jon Markman suggests that the recession may be over or not a big deal for major company stocks:
"If Hyman is right, and StockScouter continues to highlight the right sectors and stocks to play, there is no reason for investors to fear the pressures facing big companies right now. It really may be time to go off high alert."
But just two months ago, Markman was saying that you should sell every stock you own and get out of the market, on March 13, 2008, in "Sell stocks while the selling's good":
"Yet veteran observers are swiftly coming to the conclusion that attempts to regain world financial stability could be doomed due to a stunning crash of commercial-debt financing and lack of trusted leadership, and they now believe private investors should take advantage of any rallies to purge their portfolios of most stocks and nongovernment bonds."
My advice: Don't take stock market advice from Jon Markman. The fact that he's a "technical analyst"--making predictions based on short-term patterns of stock movement using methodology that has no better support than astrology, tea-leaf reading, or palmistry--is further reason to avoid reading him for any reason other than humor value.

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