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Bonds Are a 'Safe' Investment: A Big Lie Gets Even BiggerIn the midst of writing a post about how bored I was reading Up & Down Wall Street by Alan Abelson each week in Barron's (subscription required) just to see him warn of the impending bear market again, and again and again, we got a dose today. In general I enjoy Abelson's wit, insights and vocabulary lessons each each week, but after 18 to 24 months of bearish warnings it was much over done.
Today, perhaps he is conjuring up his commentary for next week when he may really have something to taunt investors about. Given that the DJIA ($INDU) is down 148.27 (1.09%) to 13,501.70, the NASDAQ ($COMPX) was down 30.86 (1.16%) to 26.39.16, and the S&P ($INX) was down 21.73 (1.42%) to 1510.12, there is much to think about. As a buy and hold value guy I can ride out any storm, but I will share with you that today 12 of the 13 stocks in our latest portfolio are down. The one excepton is Tata Motors (TTM), closing at $17.94, up 0.21 (+1.18%). The original story: Chasing Value: Tata Motors LTD - patience, patience, GOT IT!
Two market darlings were also up Apple Inc. (AAPL) closed up $2.02 to $132.35 and Google Inc. (GOOG) was up nominally $0.78 to $543.34.
You can read all the trials and tribulations of the day here: Stocks Decline After Downbeat Forecasts, but in summary, oil up, 30 year mortgages up, retail sales down and sub-prime loans still haunting the market.
Those of you who are new to BloggingStocks can check out my other stories and read Chasing Value or Serious Money to find more potential opportunities and verify my track record as well.
Sheldon Liber is the CEO of a small private investment company and the Principal for design and research at an architecture & planning firm. Check out his other posts for BloggingStocks here.
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Reader Comments (Page 1 of 1)
7-10-2007 @ 7:01PM
jo said...
whats the point of thsi article?
7-10-2007 @ 7:44PM
Sheldon L said...
The Point(s)
1) After a couple of years of the market bears ranting about this up market getting long in the tooth, perhaps it finally has.
2) If you rant about something long enough you might eventually be right.
3) That even in the worst market there are always silver linings and some people find them and make money.
4) Recaping the day in the market.
5) That even though commentators will tell you all the reasons the market went down today, it might be meaningless...vacation season has started in earnest...and when the season changes again so may the market, with good or bad news accompanying it.
7-11-2007 @ 6:41AM
hal c said...
I read a lot of your posts and find them informative and thoughtful.
The continued upward momentum of this Market is asounding to me. The kind of problems we have today would have ko'd many previous upward trends.
Who in their right mind thinks that the inflation rate is as low as the government says? The actual inflation rate is probably close to 8%.
Many people have maxed out their home equity and are in the process of maxing their credit out again with no home equity bailout this time around. Just another long term payment for their second mortgage.
It's hard to believe that this situation won't adversly affect market sentiment sooner rather than later.