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Thursday, April 8, 2010

DOW 11,000


I remember a while back I tried to start a stock picking blog. Not that I'm a Wall Street elite or anything like that, but I do play the market, and I do know a little bit about it. I'm certainly not giving Warren Buffet a run for his money in case you may be wondering. Still, I do all right. Though the title I chose was sort of a silly one looking back on it. What in the hell was I thinking?
The Nail Biting Stock Picker.

I really had to ask myself who in their right mind would follow a guy who picks stocks like that? Nail biting doesn't really elude a sense of confidence does it? I mean, it would be like hopping into a taxi with the moniker White Knuckled Cab Service on the door.

No, I don't think I'd go with that service either.

Still, getting it right can be a difficult prospect. There's so much going on in the markets everyday, up one and down two, and the news is quick. And there's a ton of it. Throughout the day tons and tons of news hits the newsrooms and bounces around the Internet sites, and all of it pulls and tugs a little bit this way and a little bit that way.

I call it the dance. And it makes me laugh sometimes. Because it seems that the news sways. Just a few days ago we get this new jobs number out, and guys sit at a round table and start hemming and hawing about this being great. Best numbers in a long time. Ah, forget the fact that 46,000 of that 160,000 were newly hired census workers. But the numbers looked good. Not the end of the road for trouble in the jobs sector, but better. The market rallies.

And then today we get a spike in unemployment claims.

We're dancing. We really are. One day spike in new home starts and the market gets a lift. The next day a report comes out that we have seen a rise in foreclosures yet again.

Right now the markets are just up against that 11,000 number. We're doing the dance with it.

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