Monday, November 26, 2007
Turbans and Turkeys
Open Energy (OEGY) is on its ass. The stock market not only didn't hit a new high by Thanksgiving (as I humbly predicted), stocks have been crashing. A modest rebound Friday has not quelled the Little Guy's pessimism. Those Who Are Alway Wrong say the market is going down, fast and hard.
Okay, I was wrong. My timing was off. No turban for me. Don't call me The Swami. But I still say The Little Guy is wrong again. Retail sales were strong this weekend, and 95% of Americans who can work and want a job actually have one. Those who predict a recession--some say it's already started--are just wrong.
Of course, this comes to you from a man who not only had his turban withheld, but who bought OEGY at 66 cents a share. (Top chart is the S&P 500, bottom is OEGY, both courtesy of E-TRADE).