I just heard the most amazing, idiotic sound bite from CNN, in the middle of a story about the Dow's 238-point spike Thursday. This mensa was telling folks, hey, if you're not in this market, better talk to your 401-K administrator about "moving your money around to take advantage of this up market."What a dork.
What a pimp for the industry that makes its money on transactions just like this, as people running to jump on the train, try to chase market performance.
Here's a dirty little secret: If your money wasn't in the markets before the Dow's 2% jump, you're too late.
The train's left the station.
What goes up, will come down, and buying stocks or stock funds when the market is at a record HIGH is not a smart move.
The smart thing to do is take your profits off the table, move some of those gains into cash, and place your bets on stocks that that are beaten down--that are effectively cheaply-priced--because they're the ones positioned to gain.
Shame on CNN for allowing this aggregious gaffe to make it on the air.
Shame on you if you buy into the lie.
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