Media are spinning their narratives telling us what they think (usually after the fact) what is going on. And now they tell us that the markets are down because of investors waiting for Nvidia (NVDA) earnings report after the bell. If it was true, that would make the market extremely stupid. They are selling now, to be buying after the bell today or tomorrow morning should NVDA report good results. Will they?
But the spinning continues. We are also down because of the FOMC meeting minutes we are about to be enlightened with soon. And the bad retail sails indicating that the consumer is spending less. But other articles, and usually on the same network, tell us that Americans are spending like crazy when their savings rate dropped to 3.9% from 8.9% average. And then we have Black Friday coming. If that turns strong, rally will continue. If weak, Wall Street will freak out that a recession is coming.
Why am I even saying this? Because, there will be always something to worry about. Something Wall Street will freak out about, media telling us that this was it, the sky started falling and permabears who were usually wrong for decades will come out of their holes predicting another doom and gloom. And when they will be right with their predictions (once every ten years), they will be elevated by CNBC as the ones who “correctly predicted the market crash” and they will be paraded around for months.
So, this time, it is NVDA being blamed for today’s “sell off” (note, market down 0.41% is not a selloff), tomorrow, it will be something else. Ignore it. Have your plan in place and follow it diligently. Even though the market is overbought and the momentum is losing steam. It doesn’t matter.
Leave a Reply