Today might not only be one of the most violently volatile days on the market. It’s also one of the most rumor swept. We’re hearing more rumors with more names attached than anyone could possibly check or even keep up with. We threw some of the most talked about hedge fund names at you earlier, and so far a few people in the know have helped us cross some names off our list. But there are more names out there.
For now we’re keeping these additional names off DealBreaker’s screen. Why? Simply because the rumors are flying too wildly and it is becoming too hard to track down whether it’s just people lashing out at their enemies, panic or people who want to make money by floating rumors that benefit their positions.
But it’s safe to say that the grapevine is spilling more rumor-wine than it has since we launched this site in the Spring of 2006. More, even, than anytime since the internet stocks popped.
Does this rumor bubble indicate that there is a panic, which many will take as a contrarian signal to buy? Are panicked posts from celebrity and media gossip sites like Gawker the inverse equivalent of the shoe shine boy asking for stock tips? Barry Ritholtz says that bad quantitative facts trump the feeling that negativity is too high. In short, he says that just because people think the sky is falling doesn’t mean the sky isn’t falling.
“We want to know what you think,” the man used to say on WPIX news. And we do. Drop us a line at tips@dealbreaker.com or leave a comment below.
Posted by anon anon anon, Aug 16, 2007 3:27PM
Be carefull out there. It's a market. Or maybe it isn't.