Friday, August 1, 2008

The brokerage firms forget that it was opposite day

JP Morgan downgraded MNST today, citing challenging macro conditions.

Deutsche Bank downgraded the stock because of the weak environment.

Gabelli downgraded it citing a weaker macro environment.

And it allowed buyers to pick this number up at 16.26 at the open on their tag team downgrades.
Maybe they forgot it was opposite day!

You buy the stock, and do the opposite of Wall Street says. Especially when they can't come up with anything better than the "macro" environment

That's how you get a bottom!

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