Name Your Favorite Wall Street Cliche

At The Political and Financial Market Commentator, http://politicsandfinance.blogspot.com

Name Your Favorite Wall Street Cliche

What Is Your Favorite Cliche (even a broken clock is right twice a day)?

Even a stopped clock gives the right time twice a day
Originally uploaded by crouchingbadger

As a constant listener to business radio and watcher of business TV, I am consistently being given advice by so-called experts that is usually something that could be generated by my 12 year old.

Stock Market Sayings

When we are in the deepest throes of a downside crisis, and the markets are in maximum turmoil, I hear very few if any of them tell me that this is the bottom, this is the spot and this is where you should commit your money. No, what I get are one or more from a long and very tired list of market cliches that are designed to say everything, but really nothing.

The Wizard Of Oz Technique

These cliches, much like most of the advice out of Wall Street that come with a multitude of caveats, are designed to basically sit on both sides of the fence, and to exonerate the speaker from any responsibility if wrong. It's kind of like the Scarecrow in the Wizard Of Oz who points in both directions when asked a question. I am going to highlight the part in each phrase that allows you to really come to no definite decision.

That said, in my travels there is one guy on TV that does not sugarcoat his thoughts or advice, is many times wrong but takes responsibility for it. Once you get past the bells and whistles, Jim Cramer is a smart guy that stands up for what he thinks. Better than stock picking he is great on macro-economic thinking. How refreshing.

Anyway, here is a small list. If you have more, send them on in:

The market is starting to get cheap based on fundamentals

We could go down to ... and test the low set in....

Hedge fund selling could go on for a while

This is a critical level to hold or we could have a way to go

Don't want to catch a falling knife

I would start to nibble in here but keep some power dry

We are starting to get constructive on the market

Could be a good time to buy if you have a long term time horizon

I may be a few weeks early, but ....

My firm thinks that .....

Etc.

Once we have bounced hard off the low as we did last week, the new cliches are:

I think we have put a bottom in

We may go back and test the lows but....

Assuming no new market shock, I think we have seen the lows

Individual stock fundamentals look good here assuming...

Not to say that this isn't the start of a new bull cycle, but if you look at the last 3 recessions we will probably retest the lows

Etc.

Take a stand and live with the consequences, because like economists there are typically are no consequences for being wrong.

I remember guys like Joe Battipaglia during the 2000 NASDQ absurdity riding it down from 5000, banging the table along the way that anyone that thought there was no where to go but up was crazy.

They then change their tune to whatever is working down the road, and still have their jobs and are still on TV giving their opinions.