I get an email every morning from CNBC.com - Morning Brief. It is usually a quick read, and a quick way to get in the mood to read some financial material.
I'm not that "into" financial reading, and I'll explain why in a minute.
Today's lead article is titled "Normally Bullish April Off To Slow Start On Wall Street," written by
Senile Senior Producer Peter Schacknow.
Now, as I write this it is 9:55 AM (CDT) on April 2, 2013. April is officially less than 36 hours old, only (roughly) 10 of which have actually seen financial activity in the U.S.
To boot, April 1 is traditionally a day set aside for jokes - like where I placed a one-million-share buy order for stock in Apple (NASDAQ:AAPL) with my broker. When my broker notified me that I didn't even have enough cash in reserve to buy four shares of Apple, I shouted "April Fools!"
Whereupon he advised me that he lost his sense of humor in 2007. Either I cough up $460 million or the order would be rejected, I relented and withdrew the order. This is okay, as I am now thoroughly inured to the fact that, had I been able to buy $460 million worth of Apple, it would today be worth around $460 thousand. Everything I touch turns to lead. Other Apple shareholders should be glad that I don't own any shares of their company - it's doing badly enough without my help.
At any rate, back to the proper subject.
Schacknow calls a one-day downer a "slow start" to April. One day. Eight measley hours. And that's nothing.
In last night's recap of the business day, CNBC wrote a piece titledExpect Long-Awaited Correction in Q2: Investors
In this marvelous piece of journalistic crystal-ball-manship, John Malloy informs us that the whole second quarter is doomed.
And it's still only the first 36 hours of April.
Give me a break. In general, every journalist tries to be the first one to break a story. It's their shot at a Pulitzer. But please, don't make a call for April - or even the start of April, and certainly not the entire quarter - on the basis of one day's performance; and April Fool's Day, at that.
Give some of us hope that the bull will keep on coming.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.