The Media is Frequently Wrong...

Hey I think it is important to note that as someone who follows markets closely, I see huge errors occurring in the media outlets who report business news. More on that in a moment......

Those of you who got last night's dispatch know that I nailed this downward turn on the nose. That, by the way, was luck with a little bit of "feel". Either way, we aren't done going down. I think we will see pressure well into earnings season. Where the market will drift lower, and begin the stair step that I really want to see to be a buyer of more positions higher. Since my trading discipline wont allow me to buy too far above my cost basis, chasing prices is not something I do lightly.

That said.....I feel like many of you who email me after listening to the news need to consider that the news HAS to write about something. When you listen to the radio "post market" and you hear an announcer saying things like "The Dow went lower as traders feared terrorism, and signs that the economy isn't as strong as they may have considered.". It is a subjective opinion. There is no official government or exchange office that universally tells us why the market did what it did.

What REALLY cracks me up is watching people like Tom Brokaw tell me about what happened in the market. It really helps me see throughout he hype that the major media outlets pump our way. He (or any other talking head) stands there and tells me that the economy is worse than traders thought. He does this in a very "matter of fact" way and almost assumes the posture that he seems to know something that we don't know. It kind of puts things in perspective for me when it comes to other news items. Its an act....He is trying to be Walter Cronkite even if he has to insert things that will intentionally scare you into listening. Folks we have a con-artist come into our living rooms every night and that is the evening news anchor.

Man, I hate the way the media dumb things down for Americans. They give us not credit and assume we just lap it up. I say revolt!! Make your own decisions and don't forget to put your money where you mouth is in the markets.....It is a real and legitimate way to capitalize on those who actually believe that BS the media feed them.