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Wednesday Market Thoughts at 2006-03-22 12:06:58
Investors Intelligence bull-bear survey out again, and bearishness is increasing.Amazing. Normally as the market advances, people get more bullish. But here we are in an election year, and pretty much everyone is aware of the 4-year election cycle. Most of the mid-term elections have seen some big selloffs in the market, followed by a big rally into the following year. I wonder how much this is playing into investor psychology? I wonder what CNBC's Melissa Lee would think about that?
Sony delays Playstation 3 release until November. This may not be a bad thing, because it'll get Christmas hype. That's one stock I may consider down the road. The PS3 launch date has been the subject of heavy speculation in the industry as expectations are high for the machine, which will have cutting-edge technology and is expected to enable users to play games and movies as well as download videos from the Internet. The article says it'll cost around $500 and have 5-10 games initially available.
I've noticed that during a positive options week, we have one big scarey down day.
Beige Book out.... Moderate to steady expansion. Real estate slowed a bit from high levels. Auto sales sluggish. Upbeat on manufacturing. Consumer spending expanding. Not a lot of wage pressure despite low inflation.
I'm taking off on vacation for a few days. Heading to Las Vegas with the guys for a few days. I'll post a few entries via my Treo along the way.
