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January 13, 2005
U.S. Equities: Thursday, January 13, 2005 12:26:13
Whenever there is a late-day rally, and the pundits are saying it was a good day in the market, you really need to give your head a shake. The Dow is now down 50, which effectively cancels out yesterday's late-day rally.
After the close in New York yesterday, I wrote:
"The Dow 30 index is on legs, going into the close. The leadership is the ‘ol favorites in the Industrial companies sector: Boeing (NYSE: BA), Honeywell (NYSE: HON) and United Technologies (NYSE: UTX).
Can this last?"
Did you really believe your broker who called to say that: "the market's headed north, CNBC told me so"????
If you did, you're afflicted with Credulity Syndrome, something that the sell-side spreads around as best they can.
The "'ol favorites, BA, HON and UTX" seem to be used a lot to hook unsuspecting investors. Maybe the NYSE specialists have got something going down there. ;-)
Posted by Posted by Bill Cara on January 13, 2005 12:19:05 PM | Category: U.S. Dow 30 , U.S. Equities