Stock Market Analysis – 03-10-2009
Quite a bounce today on news that Citigroup made a profit for the first 2 months of the year. So they need billions of dollars in bailouts, but then they go make a profit and will probably pay themselves big bonuses as a reward? I’m not sold, but when the market gets desperate for a correction it doesn’t take much to make it happen.
I’d like to say I called this one, but then you’d look back and see that I’ve been leaning towards a bounce for the past week. There are always some people who are very loud and brag about how they call 80% of the swings before they happen. Typically, these people just call reversals every day and don’t include the fact that while they preemptively call 80% of the swings before they happen, they also incorrectly call swings that never materialize 80% of the time too. More often than not, the market never returns back to the point that they made their first call. It’s ok to speculate to yourself, but make sure your money is always on the high percentage play with the market, not against it.
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