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Wednesday, July 30, 2008

The bears have lost their "marbles"

I still can't believe the pundits and their bearishness. Nobody wants to believe the bear market is over.

It's gone.

Toast.

Finished.

Last week, I went to see the "The Wonderful Wizard of Oz" with my daughter at a local playhouse.

In the play, my daughter found the witch of the west really scary. But afterwards, in the light, we took pictures of her with my daughter.

She wasn't so scary then.

It was the same with Meredith Whitney on CNBC today. She's just not scary anymore.

How could she be?

Merrill Lynch raised capital, and anyone that bought the stock made money. What's wrong with making money?

She had her day in the sun. She saved a lot of people a lot of money, and also made a lot of money for the shorts. Markets can change quickly. And it isn't pretty when you overstay your welcome in the sun. Just ask Angelo Mozilla.

Before we went to the play, my daughter was doing gymnastics, and somehow she accidentally swallowed a small blue marble.

So the next couple of days, we did a "poop" check, until we found it.

It really was kind of fun. Especially when you are looking at things thru the eyes of a six year old.

It reminded me of this market. There are some people, who have such a bearish predisposition, that they can't find anything positive, or right with this world.

Maybe they don't like blue marbles.

But a lot of people do.

It's the same with the market.

You let some people make some money, and they'll start looking at things a little differently.

Today some traders sold the financials off right before the bell just because Meredith was going to be interviewed on CNBC.

What for?

She's all wet!

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