Friday, April 03, 2009

Financial News is......Never Having to Say You're Sorry.

In case you've ever looked to the media for guidance, may I make a suggestion? Look elsewhere.

There is no media worse than the financial media. Unless you saw the article strongly advising you to pull all retirement funds out of the market at it's peak, by all means, read on. I don't recall seeing that one.

If one of these writers even had your best interest at heart, they'd be clothes-lined on their way to the printing press. Instead, they're forced to look at current market activity and justify it by whatever else is going on that day. Kind of like tying another note to the carrier pigeon already going out.

Put the morning comics aside- there's more laughs to be had reading the daily gold headlines on For some misguided reason, I've been skimming it for a few years now. It's the gold mavens' equivalent for predicting rain by seeing it out the window. Breaking news of a drop in the gold price describes investors fleeing gold for some daily-news-based reason, only to be explained away tomorrow by their clamoring to get back in, as "a move to safety" from that day's events.

As instructive and helpful as a tennis commentator announcing, "He hits the ball........she hits it back!!!"

I swear, the mainstream media must have the best pool of undiscovered comedy writers yet. I can't count how many times I've had to check that I wasn't mistakenly reading The Onion.

For your consideration, note today's entry from the revered and respected excreter of financial wisdom, The website where we are richly rewarded and enlightened by the experts, so that we may trundle along in our own petty, under-educated ways, tending to whatever common idiots do:

Market Focus

Friday: If the news on jobs isn't as bad as expected, it will probably be bad enough to limit any big moves to the upside. If the news is bad it will have to be very bad to move markets that are fully expecting the worst.