Well certain parts of the media are busy carrying the Wall Street spin-cycle message which basically boils down to “please don’t sell anything little investors…we still have product to move.”
I just harvested this tasty image from the front page of Bloomberg.com
The headline concerns a global slump taking hold. All of the sub-headlines run counter to that, and seek to assure the average reader that this is not the start of anything major, and that they should just hang in there, and certainly should not panic.
Reading between the lines the message is, “you’ll be a chump if you sell!” Using social pressure to try and get people to associate with the cool crowd.
As DaveF put in his weekend G&S wrap up, there are two rules to trading.
“After all, the first rule of trading is: don’t panic. The second rule: if a panic is going to happen, make damn sure you panic first.”
I guess all I’m saying here, which is obvious to all of my readers I am sure, is that Wall Street and its MSM lackeys are not your friends. Unless you fade their free “advice.” That’s usually a winning strategy. Then they are performing a useful service usually.
Goldman Sachs is possibly the picture perfect poster child for such behavior.
Which is why I actually laughed out loud when I saw this come across my Twitter feed. Not the usual internet snort where I breath a little stronger out my nose at something amusing, but an actual LOL moment.
Well played internet friend!
/Yes, my humor tends to run to the low side from time to time.