I don’t really buy much of what Mr. Stein is saying. In another video clip I saw him as a panelist in turn of the year discussion of where housing prices would go in 2007. He recommended that people buy the house they love and can afford and don’t give it another thought. Maybe he should have qualified that a little better.
This is from the post you link HLS:
“That’s what’s been happening the past couple of weeks. But it’s not interesting to say that the speculators are whipping the market around to satisfy their money lust. So the speculators themselves make up reasons for why the market is fluctuating, flog those reasons to the media, and then profit if some other speculators believe the jive reasons and jump in the way the manipulators want them to.”
Some people call it volatility. I have tended to agree with Mr. Stein’s conclusion on the topic. I call it the “Shake and Take” episode of the market, named after the “shake and bake” after a phrase from basketball. The volume coupled with variety of stocks and the odd directions they are taking make me curious.I am loathe to align it as bullish or bearish. I am bearish in general in equities.
