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Joseph P. Porter
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I am a retired college faculty in Philosophy, with specializations in Ethics, Socio-political Theory and Rational Choice/Decision Theory. My teaching focus was on Business Ethics, Medical Ethics and Logic. After retirement I freelanced as a Grant Writer/Fund Raising Consultant. I have taught at... More
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Joseph P. Porter's Instablog
  • Hey, Can I Vent? 4 comments
    Apr 2, 2013 11:25 AM

    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 titled

    Expect 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.

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Comments (4)
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  • Miz Magic DiviDogs
    , contributor
    Comments (4878) | Send Message
     
    LOL! Having a bad day, are we? :)
    Well-written, I love your humor. And yes, I've had days like that as well. Just not today. :)

     

    Miz
    2 Apr 2013, 11:41 AM Reply Like
  • Joseph P. Porter
    , contributor
    Comments (849) | Send Message
     
    Author’s reply » Thank you for the compliment, Miz.

     

    Actually, I'm feeling really fine, right now - I haven't looked at my portfolio yet. I like to get my work out of the way before I find out how badly I'm doing. Then, after I look at the 'folio I read the comics, just to get me back into my fantasy world.

     

    Glad you appreciated the blog.
    jpp
    2 Apr 2013, 11:57 AM Reply Like
  • Miz Magic DiviDogs
    , contributor
    Comments (4878) | Send Message
     
    I know what you mean, though. It always seems that everything I want to buy just keeps climbing in a straight line right off the top end of the chart, and everything I want to sell just keeps sinking off to the bottom end! :)

     

    But on the whole, I'm pretty pleased by the whole thing, even if they are a bunch of Dogs. ;>

     

    Miz
    2 Apr 2013, 12:20 PM Reply Like
  • Joseph P. Porter
    , contributor
    Comments (849) | Send Message
     
    Author’s reply » Yeah, I'm sort of in a holding pattern right now - I do think the market is ready for a minor correction, which for me would be most excellent. I'm letting cash accumulate so I can be ready to buy when the correction comes.
    2 Apr 2013, 12:53 PM Reply Like
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