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Understanding the long bear
Posted: September 20, 2010
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They want you to believe
Wall Street and the television networks they subsidize want you to believe that the economy is getting better and the stock market is showing "new signs of health."
Wall Street makes its money on commissions and CNBC etc. make their money on Wall Street ads. No frenetic trading, no commissions; no commissions, no ads; no ads, no Jim Kramer and his fellow entertainers/scam artists.
There's another element to this too. There are a lot of people sitting on stocks they want to get rid of. As the market is flogged to new bogus "heights" this gives them a chance to unload at higher prices to folks who believe the hype and don't know what's really going on.
I'm in agreement with Prechter. The bloom is off the rose. The long bull market which started in 1980 is over and any "recoveries" are just blips until all the excesses are wrung out of the system.
It's a process that realistically will take years, not months, and you'll know it's over when people are so sick of stocks they don't want to hear about them any more. We are years and mountains of pain away from that point.
Can you make money trading this market? Yes...if you're a trader, but not if you're someone who buys "hot tips" from the TV or Internet ads.
Trading is a great fantasy but a brutally hard way to make money, especially in the kind of long bear market were now in.
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