I have developed an intense loathing of reading or watching journalists cover the stock market.‚ Invariably, whether the stock market goes up, down or stays the same, journalists feel the need to attribute it to some obvious factor.‚ For instance, today the NYTimes.com (usually a good newspaper) had a front page article that said, “On Wall Street, financial markets initially seized on the fact that monthly job losses had not increased in February, and stocks rose in early trading.‚ But shares gave up their gains and were lower in late morning trading.”‚ What crap.‚ Basically the stock market went a little up this morning, then back down… and this retarded journalist believes he can make an absolute statement about why it happened.‚ Brilliant people have been trying to explain how/why the stock market moves for decades with little luck using advanced statistical techniques, complex algorithms and even witches.‚ What makes this bonehead think he can attribute small midday changes in market trading to a report that probably was already priced into the market?!?!
My issue is not just with this single report, but EVERY stinking time a reporter says, “The stock market was up/down today”, he immediately follows it with some random reason.‚ No proof, no evidence, reporters just pick one factor and attribute the changes in the stock market to it.‚ Ugh.