By Howie Katz
I’m sure you have seen the closings of the New York Stock Exchange when the bell rings and guests on the balcony grin and applaud.
That’s fine when the market shows a gain.
But if the market shows a loss, the guests are right up on that balcony, grinning and applauding away.
And they’re still grinning and applauding when the market drops 1,00 points.
Now that’s the hight of ridiculousness. If the NYSE guests are on that balcony at all, they should be bawling, not applauding.
NOTE: It has been brought to my attention that the NYSE selects a different member company for each trading day to ring the closing bell for the exchange. The people on the balcony are members of the companies that have been so chosen and are not applauding the market results, but are applauding because their company was honored to close the exchange that day.
It still looks ridiculous when the market is down 1,000 points.
3 comments:
Everyone lost some money the past couple of weeks. If you are diversified it shouldn't be a big loss. In fact, fluctuations are normal. Just stay in the game. I gamble, but my $10 Craps bet is nothing compared to what some company does with their money every day.
A down market presents buying opportunities. An up market presents selling opportunities. The marked has been extremely volatile lately. The good news is that it has showed more gain in the past 3 years than at any other 3 year period in it's history.
I always thought they were applauding the floor show.
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