23 January 2008

I Was Looking Pretty Stupid Earlier Today . . .

. . . with the market down 300 points early today (after closing down more than 100 points yesterday), my prediction of 12,500 for Friday didn't look too smart.

But now I feel like a market genius after a 600 point intra-day swing (12,500 by close Friday still might not happen, though).

That's why you don't pay attention to the daily goings on of Wall Street, it's a long term market, timing is for crazy people.

Just ask all the people who thought they'd get rich flipping houses how well the strategy of trying to use a long term investment instrument (in the case of flippers, real estate) into a means of short term profits.

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