Update on anecdotal evidence
Posted by Jason Apollo Voss on Dec 3, 2010 in Blog | 2 commentsWell the hazards of being a financial news blog writer have been highlighted for me once again. Earlier this week I had written that the big improvement in the employment situation as reported by ADP had garnered very little attention from that general source for information, but especially celebrity information, CNN. I said that was likely a sign that folks might finally be expecting an improving unemployment situation to such a degree that it didn’t merit the emphasisof CNN’s editors.
But lo, and behold (!), today’s new jobs number miss and the commensurate increase in the unemployment rate certainly got CNN’s attention. Interesting. I say that because the very good news of ADP’s report didn’t get much attention, but the negative news did. That tells me that the actual news bias is still on the negative side of things. That means that the general cast of news running through CNN must still be negative. That means that I spoke too soon. My apologies.
As investors to get 6 of 10 calls right makes you good, 7 out of 10 makes you a genius. In other words, 30-40% of the time you are just out and out wrong. I expect to continue to make mistakes. However, unlike many financial news pundits, I willingly admit them.
I hope that you have an excellent weekend!
Jason
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