Don't Sell!

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CBC Radio story just hasn't been updated lately

Stories about collapsing financial markets require hourly vigilance, to ensure that investors have the latest information.

It's 2:30 pm on Monday, and CBC Radio News just told me this dire news:

"From the US to Iceland, world financial markets continue to dive..."

Eeek! That's not what we want to hear, after last week's disastrous plunge on the markets.

The story then offered advice from financial consultant Al Antle on how harried investors should deal with the crisis.

Only problem is, the story was absolutely wrong. We seem to have turned a corner. One of the first headlines I heard this morning - yes several hours ago - came out of Hong Kong, telling me that world markets were now "soaring" after last week's rout.

"Global stock markets rebounded strongly on Monday after last week's historic sell-off as governments from Europe to Australia and the U.S. intensified efforts to ease a financial crisis that threatened to throw the world into recession," said the Associated Press.

Here in North America, the news is also good:

"U.S. stock indexes were up more than five per cent in mid-morning trading Monday after a weekend when governments around the world committed billions to easing the global credit freeze," says a story on the CBC's own web site. "The Dow Jones industrial average was up more than 470 points, or 5.6 per cent, at about 8,925. The Nasdaq and the S&P 500 indexes made similar percentage gains."

Perhaps the story was written to 'stand up' through the long weekend.

Only thing is, it didn't stand. It's been overtaken by newer news.

It's no big deal, unless you're sitting at your computer, about to hit the "sell" command.

I'm just sayin'...

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  • Darren
    July 27, 2010 - 14:53

    Just another reason why people should be very careful when listeneing to the media in regard to financial issues. They tend to create panic when reason should prevail. Unfortunately, the water cooler talk and human nature have people selling when the markets are low and buying when they are high which is the the opposite of what we should be trying to do and I say trying because it is impossible to time markets perfectly. And be extra wary of open line shows. How many callers have I heard in the past two weeks talking like they are the Chief World Economist when they don't even have their facts right.