The evening news on Friday was filled with reports that President Obama stated that the economy was beginning to show, “glimmers of hope.” A recent mailing from the American Funds group included their recent insight that “glimmers of hope” were at long last visibile. “Glimmers” appears to be the new buzz word in the industry.
Of course, our readers knew that weeks ago, when they read, “Glimmers of Good News” on February 11. Unfortunately, just as I was getting ready to pat myself on the back, I looked at where the market was on that day of the blog post — until Thursday, the Dow Jones was still below that level. Right economics, wrong entry point. Another small lesson in the futility of market timing.