Dow New Record... No Wait... Who Cares?

by: Roger Nusbaum

Roger Nusbaum submits: Steve Massocca from Pacific Growth Equities was just on CNBC and said the right thing. The Dow and a high close (or not) doesn't matter. He said it is 30 stocks -- it's not the same 30 -- it does not matter.

Bingo.

The floor trader they interviewed ten minutes before the open also made fun of the network for how they handled yesterday's action.

If 3M Company (NYSE:MMM) and Altria Group Inc. (NYSE:MO) both have a bad day -- no record.

Joe Kernen made a quick comment in passing when the econ segment was wrapping up. He said we aren't cheerleading, what are we supposed to root for a hard landing? I guess why I wonder why a journalist would root for anything.

The thing I find most frustrating about the channel is the time wasted covering things that don't help anyone. The market caps of the two big American car companies adds up to $33 billion. Throw in DaimlerChrysler (DCX) and the entire industry (in the U.S.) adds up to $84 billion.

Perhaps market cap is not the best way to measure the impact of the group on the U.S. economy, but I don't think the auto industry is important enough to merit as much coverage as it gets.

When there is actual news they cover it, but I would like to see broader coverage of more things which they do have time and personnel to do.

Just an early morning rant. I need some coffee.

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