26 January 2007
Some have a Dow jones
Brian J. Noggle isn't a day-trader, so he's got a good reason for tuning the silly thing out:
"The stock market is down at this hour..." the deep FM voice narrates. Quite frankly, the day traders who inflated the stock market bubble at the end of the last century didn't rely on radio to make decisions. The Internet allows people to check the instant progress of their individual portfolios. The day traders who are still trading, instead of flipping burgers or bagging groceries, have access to mystical Level-2 quotes, which are somehow better than simple quotes everyone can get on Yahoo! So FM Man is talking to himself, and me, alone in my truck at a stoplight.
And who cares, really?
The guy on the radio says the market's down? SELL SELL SELL!
Of course, those who sell on whatever macroeconomic metrics arrive from political, pop cultural, or sociological sources don't consider the nature of their individual investments. They lose sight of the long-term prospects of the companies of which they have become a part and in whose long-term direction they, as investors, can exert some small amount of control. Instead, they try to be the head cows in the stampede into or out of a bull run on Wall Street or Main Street, or wherever investors huddle. These short-sighted investors react to the lemming clarion call of astrological percentages and to the deep, comforting voice on our radios that makes it into a daily catechism.
Makes as much sense as anything else you can cram into a five-minute newscast interrupted by two commercials.