Not very convincing action today so far--I haven't really done much of anything in the way of "big moves".
Caught some CNBC from time to time today--there seemed to be even more than the usual "happy talk"--on at least one occasion, the Dow was described as being up when the on-screen ticker showed it red, etc. I did catch Art Cashin, who unfortunately is never on long enough. He talked about the "cocktail napkin chartists" on the floor looking at 1140 on the S&P as the line to watch, and that if that was violated, there was a lot more downside. The other thing he mentioned that is being noticed is the weakness in transports and commodities, and the slowdown in companies that ship commodities, make everyone thing there is some sort of global slowdown out there.
I got a nice note from a reader who asks if my view of Berkshire has changed, since it is trading down toward the 2800 for B shares that I identified as a level that would get me interested. In short, I still view weakness in BRK as a buying opportunity.
1 comment:
While Art Cashin may have some things of interest to offer, every time he signs off, he looks to his notepad and scribbles a little. Now come on, what in the world has he been looking at on the tape while he's been on TV that he has to scribble right at the moment of signing off? It's all theatrics. Pretty much everything on CNBS is rehearsed and theatrics. Take it for what it's worth. I tend to fade the majority of what is put forth from that medium.
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