Market Currents
Weak earnings take their toll as stocks hit session lows at midday, the S&P -1.2%, the...
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Friday, October 19, 2012, 12:06 PM ETWeak earnings take their toll as stocks hit session lows at midday, the S&P -1.2%, the Nasdaq -1.7%. GE -2.8%, Microsoft -2.3%, McDonald's -3.6%, and Google -1.7% have all reported significant misses in the past 24 hours, and investors wonder what Apple, -2.2%, might have in store next week.
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Who actually still has cash that is interested in investing at these price levels? All those that are invested have little spare cash, those that have the cash won't get suckered in. The algos can tickle the prices higher all they want, but will only entice the retail investor in cashing out. Just ask the fund managers.
Gee, I don't know. I always have some cash because I am always rotating out of the toppy issues and looking to reinvest funds in better values. The idea that everybody is tapped out is novel when we're in a market environment that's absolutely swimming with liquidity.
The sidelines are more liquid than at any time in history. It will take a long, long while to "wring out" excess cash. There isn't going to be any "drop out." Those that keep waiting for that, as if 2008 is going to repeat itself any day, have just ruined their investment performance.
Stay 100% cash. The safe bet.