Tuesday, January 22, 2008

What the hell was I thinking?

Every once in a while I forget that I'm operating at a disadvantage; that I'm just a lone, independent investor out here in the internetlands, doing the best I can with the tools I have at my disposal, the most useful of which are a bottomless pot of coffee and a willingness to dig. Then I read something like this:

"Piper Jaffray analyst Gene Munster confessed that in his five years of covering Apple he’s never seen anything like the market’s reaction to these earnings. 'I talked to one of our technical analysts before the call and he told me that the stock was going down to 130 no matter what results Apple posted,' Munster said in a phone interview. 'Something bigger is going on in people’s minds. There’s a feeling that stocks need to go back to their 200 day averages as the market corrects itself. And I'm immediately reminded that I can do all the digging and reading and studying and cogitating I want, and I still can't guard against or plan for the forces of those who would and can manipulate the market.

Oh well. C'est la vie. Just another data point to keep in mind.

UPDATE 1/28/08: Apple last week reported record revenue, record net quarterly profit, record Mac shipments, record iPod sales, and record iPhone sales. Apple's revenue grew 35% year-over-year. Apple provided Q2 08 revenue guidance that's a 29.3% increase over the company's Q2 07. Apple's share price has dropped approximately 35% in the past 25 days. Nuff said.

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