No one wants to take control of the market. On Friday, the DOW had a 200 point swing as the bulls drove it up 100 points – then the bears drove it down 100 points. The market closed essentially flat for the day. At least such indecision is keeping the taxi cab drivers out of the market.
Back in 1999 and 2000, every U.S. taxi cab driver was an expert stock picker. Apparently, this is universal behavior. The Chinese taxi cab drivers are now in Warren Buffett mode as the Shanghai Stock Exchange is up 40% this year following last year’s 125% gain. All I can say is that bad stuff usually happens when taxi drivers enter the market.
I think that the volatility is a good sign for the bulls. Climbing a wall of worry to keeps the speculative frenzy in check.
The TTaMG portfolios were a mixed bag this week with The Big Spend (TBS) leading the way up 2.7%.