Reply #7: Futures have never been brighter. [View All]

Didn't you get the memo? Now, go back to the TV with you and listen to what the bubble headed media whores pronounce from the mountaintop.

But seriously.

I notice that early projections are wrong almost 50% of the time. Such that I have stopped posting them - and even reading them - because they are just a huge waste of time. These early morning projections tend to focus on what the first half hour of trading will do. And the first half hour of trading bears scant relation to the performance of the trading day overall.

The other sentiments: "The futures suggest that the Dow has abated from recent falls but the jury is still out over the Nasdaq," said Cantor Index's David Buik.

"Investors are scuttling around for good news and may find it in limited supply."

These deserve more attention to the day's market performance, IMO, as they plug into the psychology of the day. It looks like caution is in the wind and a cautious investor is a frugal investor. The meme of the past few weeks is that the market is overpriced. While mutual funds and automated buy programs have been doing most of the work to maintain the prices reflected in the daily averages, the huge swaths of shares traded by the individual investors counterbalance the automated mutual fund purchases and sales.

"The futures suggest that the Dow has abated from recent falls but the jury is still out over the Nasdaq," said Cantor Index's David Buik.

It was the individual investors that sank the markets during the dot-com bust. Falling Nasdaq shares meant that investors had to shed stable blue chips to compensate for huge losses. So it makes no sense to me why Mr. Buik would present these two markets as though they are two different animals in isolated habitats.