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Posts tagged as Profit-taking

The Market Sucked, But Not For Everyone Who Got Out

When that sternly-worded Goldman Sachs statement came via email last night regarding Citigroup, and how everyone should not have it anywhere near their stock portfolio, I thought: is tomorrow going to be a real hosing in the market? Yes, yes it was. Even some of our favorite finance bloggers have lost their minds: "Is this it? Was today the official end of the 6-week 25% rally that started in early March? Or is today just a particularly painful hiccup?" I don't know, you tell me, money-blogger! Also, painful for who? Painful for all the people who made 20 to 25% on short-term gains in the last two months and who sold this morning, pushing financials down? Probably not so much. The final call: Dow down 3.56%, big f'ing deal, tune in tomorrow. And also? Consider this, Wall Street haters: "If we become too cautious, the outlandish cartoon characters behind every big building or business in the world are less likely to be able to take the huge, incredible risks it takes to make it big." (Donald Trump? Is that you? No but seriously.)