Often heard on CNBC. It goes something like this:
"...tech stocks look attractive at this price."

Of course, at this point in time, when the NASDAQ index has lost more than 50% of its value since its peak at 5000 in March, the irony is, of course, that what has happened in the past few weeks is a bit like:

Five weeks ago: "... tech stocks look attractive at this price ..."
Four weeks ago: "... tech stocks look attractive at this price ..."
Three weeks ago: "... tech stocks look attractive at this price ..."
Two weeks ago: "... tech stocks look attractive at this price ..."
One weeks ago: "... tech stocks look attractive at this price ..."
This week: "... tech stocks look attractive at this price ..."

This happened, more or less, in a climate where the NASDAQ composite index managed to fall from a high of 4000 in September 2000 to under 2400 today.

William Fleckenstein (a regular contributor to www.siliconinvestor.com at http://www.siliconinvestor.com/insight/contrarian/) calls these stock cheerleaders "dead fish" as they spout a lot of noise but manage to get the fundamentals totally wrong.

Strangely enough, whilst they held parties on CNBC for the Dow breaking 11,000 on the upside and for the NASDAQ breaking 4,000 and 5,000 on the upside, there's no parties for breaking 4k, 3k or even 2.5k on the downside ... hehehe ... ...

Be careful where you invest your money. Learn to pick out the dead fish. Find reliable dead fish and use them as contrarian indicators - do the exact opposite of their recommendation. :-)


Update (27th December, 2000): other common sayings heard from stockmarket cheerleaders -
"The low is in!"
"It's a good entry point for the long term investor"

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