Today the early headlines say Stocks soar at opening after gov’t rescue plan. Forgive me for thinking the markets are indulging in some irrational exuberance. We’ve seen this sort of response before. This is from the Wall Street Journal on March 19: Stocks and commodities plummeted on Wednesday as the euphoria that carried equity markets to massive gains a day earlier gave way to nervousness that the broader U.S. economy hasn’t yet escaped the dangers of the credit crisis.
At the close today: Anxious Investors Push Dow Down 372 Points
I’d be more impressed in my precognitive abilities except this was about as hard to predict as what happens when a ball rolls off the side of a table.
It’s never a good feeling when you’re really hoping you’re wrong.