Despite more sensationalism on CNBC, the indices continue to struggle. There just aren't a lot of good reasons to buy right now unless you think you might catch a pop on a positive news story.
I disagree with Doug Kass as to Charlie Gasparino on CNBC. Although I'm sure he is not purposely manipulating the market, it should be painfully obviously that the constant reporting of rumors that prove to be incorrect has an impact on the market.
I question how responsible it is for a journalist to release "breaking news" 30 minutes before the market is going to close on a Friday, when all he has to report is that a deal "might" be done.
The focus of this sort of reporting isn't to inform but to sensationalize and to receive attention. What is even worse is that CNBC then uses the fact that it moved the market to promote its coverage, although the story didn't even play out. CNBC deserves scorn, not defense, for that sort of thing.
P.S. Will you be there when Cramer makes his next move?
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Rev Shark Blog Resilient No More 2/29/2008 10:34 AM EST The market's drubbing today rewards discipline.
Rev Shark Blog Cycles Take Time 2/29/2008 8:12 AM EST Don't be so quick to jump on strength.
Rev Shark Blog Pick Your Spots 2/29/2008 12:17 PM EST The key to making money in the market isn't constant action but staying vigilant.
James "Rev Shark" DePorre is the author of Invest Like a Shark: How a Deaf Guy with No Job and Limited Capital made a Fortune Investing in the Stock Market. He is founder and CEO of Shark Asset Management, an investment management firm, and he also operates sharkinvesting.com, an interactive online community that serves and educates active investors. DePorre holds business and law degrees from the University of Michigan, is a member of the Michigan Bar Association and a former tax attorney and CPA. He lives in Anna Maria Island, Fla., with his wife and two children. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Rev Shark appreciates your feedback; click here.
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