Jon Stewart takes on the pundits at CNBC… Finally!

Mike Wish here.

I try not to watch too much of the liberal media but this is hilarious.   This is what dad complains about at the dinner table shortly after watching Jim Cramer fire off a storm of cheap, canned audio from his soundboard.   These are the pundits that keep Dr. Wish up at night, tossing and turning.   The infamous pundits responsible for everything that’s wrong with financial analysis and prediction media. (not that I have any opinion on the issue…)

I showed this video to him and he laughed and laughed.   I thought I’d be the one to share it with all of you because he doesn’t yet understand how to embed YouTube videos into his posts.   We’re still working with twitter, we’ll get there soon enough though!

See the video on the next page:

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Jim Cramer finds (TA) religion; TSYS: cup with handle breakout? Indexes are weak, but some promising IBD100 stocks appear


I know that the GMI has kept me and, I hope others, out of the long side of this market since at least August 2008, the last time that the GMI was 4.   I prefer the GMI to be at least 4 before I commit many IRA funds, and especially my university pension,   to the long side.   Since the GMI fell below 4 in late August, the QQQQ (Nasdaq100) and SPY(S&P 500) have declined 35%, and the DIA (Dow 30), by 31%.   During that same time period, 95% of the Nasdaq 100 stocks declined, 36% have declined more than 40%.   The biggest losers in the Nasdaq100 component stocks includes such well respected stocks as: RIMM, ISRG, and DELL (each down 63%), and JOYG (-69%)   and WYNN (-72%). As to   the “safe, buy and hold” Dow 30 stocks; 100% declined in this period, with whopping declines in: AXP (-58%), GE (-60%), GM (-75%), AA (-76%), C (-80%) and BAC (-81%).   Do you see why it does not make sense to fight the general market’s trend, as reflected in the GMI!

Speaking of the GMI, the table below shows

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Addicted to market prediction; GMI; 2; GMI-R: 3

GMI1226 Why is it that we all appear to be addicted to predicting the markets?   If you will review the many pundits’ predictions from the beginning of this year (and every year) you will find that it is very rare that anyone successfully predicts the market’s performance over the coming year.   Whether you look at Jim Cramer or Gary Smith or Tobin Smith or any of the media pundits you will find that no one predicted this year’s melt-down, although they all assert that they have been telling people to sell since the beginning of the decline.   (Revisionist history anyone?)   Given the many years of erroneous predictions by all market seers, why do we continue to look to anyone to accurately predict the market’s course?   The simple truth is that the best we can do is to assess the current trend of the market and align our trading to be consistent with it.   And we never know when a trend will end.   Therefore we MUST ALWAYS put in place stop loss orders or other methods to protect each position from a sudden change in the trend…..

For me, the current long term trend of the market remains down, and my university pension has been in cash for months and remains unaffected by the market carnage.

However, the short term trend of the QQQQ remains in an up-trend, having completed its 13th day.   The GMI remains at 2 (of 6) and the GMI-R at 3 (of 10). The Worden T2108 Indicator is at 51%, well in neutral territory.   But my technical indicators are “bearly” positive and unimpressive.   So, I remain mostly in cash in my trading IRA account.