« For gold traders only, Fri., September 16, 2005, 10:22 AM | Main | Let bygones be bygones, Fri., September 16, 2005, 4:46 PM »
September 16, 2005
So who was telling the truth? Fri., September 16, 2005, 2:59 PM
In mid-July, I wrote an article called, Realty top? Mon., July 18, 2005, 6:23 PM" in which I stated: But, for this group of realty stocks, maybe you can tell me where (and how) traders are going to make money say a year from today. You'll have to tell me because I must be blind. :-) I can't see it. In fact, not being blind, I'll tell you what I do see: the long-term cycle has peaked. The game is over. Oh, there may be a few dollars left, but why bother? There is truth to the old saying that stock market pigs get slaughtered."
At about that time I also questioned the timing of the CNBC guest interviews by the chairmen of both Hovnanian (NYSE: HOV) and Toll Bros (NYSE: TOL), the two giant homebuilders that (tsk, tsk) even made it to the Cara Global Best 100 Companies list.
Of course that just means these are good companies that I like to buy when the timing is right for the stock. But that's for another day.
Somehow, the timing never seems to be right when the promoter is out on CNBC showing off his song and dance routine. ;-)
How well has your realty stock portfolio done in the past two months, which includes by the way an enormous bump in the market following Katrina? I suspect that maybe one in twenty are making any money.
So, when I say, That's the top," listen up. What I'm really saying is that there is a Distribution Zone in place for those particular stocks, and trying to chase them higher is when bad things happen to good people.
Posted by Posted by Bill Cara on September 16, 2005 02:59:14 PM | Category: 40 Financials