Posts filed under “Markets”
In response to all the readers who asked:
I’m still waiting for the Nasdaq 1975 or so I mentioned last week prior to getting very aggressive. The Dow and SPX hit my targets, and in my mind that is suggesting we are getting much closer.
I made the first of my selective buys today (previously mentioned), and will continue to scale in as we slide further. Note that this is a very different style then playing a trend or a breakout.
If the SPX makes a newer low and then reverses back over 1975, I would take that as a very Bullish sign.
To reiterate what I told several emailers, scaling in is very different than ‘doubling down.’ Please make sure you understand the difference!
Last month, Jim Cramer ripped Edward Jones a new one; While I agreed with what he said, I didn’t bother to follow up because I assumed Ed Jones had come clean.
From today’s WSJ:
"Edward D. Jones & Co. received $82.4 million in secret payments from seven mutual-fund firms in the first 11 months of 2004, through a lopsided fee structure that in some cases gave the brokerage firm more compensation for selling poorly performing funds than for selling stellar performers.
The disclosures were posted yesterday, on Jones’s Web site as required by its $75 million agreement to settle regulatory charges that it failed to adequately disclose the payments to investors. They are by far the most detailed figures ever made public on the industry practice of mutual-fund companies paying brokerage firms to induce them to sell their products, an arrangement known as revenue sharing. Unlike front-end sales commissions, which are widely disclosed to consumers, revenue sharing has been largely secret."
That’s pretty egregious behavior. I used to think well of Edward Jones as a firm. Non mas. . .
Here’s Cramer’s comments: