Wednesday, August 29, 2007

Where's the market heading now?

You had bells ringing at the bottom, with "Chicken Little" piping in. Now it's not the time to be subtle: Charging Bull!

The sculptor, Arturo Di Modica, on December 15, 1989, placed the 7,000 pound bull next to the Christmas tree outside the stock exchange. The NYSE promptly hauled it away. The NY Post had these headlines the next day.

Bah, Humbug
NY Stock exchange grinches can't bear Christmas-gift bull.

Five days later, and after a $5,000 fine, Charging Bull was back.

Today they are giving stocks away, negativity and fear abound with a record amount of short interest. Looks like the buyers of stocks today are as short sighted as those executives that turned down Di Modica's wonderful gift eighteen years ago. Wall St Bull!