The biz media hates the market

TheStreet.com media critic Marek Fuchs writes Monday that the business media’s recent negativity toward the economy signals that the stock market might have hit a bottom.

Fuchs wrote, “The Business Press Maven is not one to call short-term trading moves, but conventional wisdom is always reflected in the price of stocks. And the business media is often nothing if not a perfect reflection of conventional thought. Remember, they are almost always giving you a snapshot of what is. Nothing less, but also nothing more. So if the headlines say: ‘Kill, Crush, Destroy’ maybe, just maybe, it’s time someone gets out alive.

“Can this be a near-term, short-term bottom? Let’s look for the very first quote, to see if, at least, someone sais — with all this focus on valleys and imperfect radar, maybe we’ll fly into a peak. No such luck. Here’s the first quote:

“‘I don’t see much on the schedule that can help this stock market,’ says Paul Mendelsohn, chief investment strategist with Windham Financial Markets. ‘I don’t see any surprises to the upside in these numbers, but I see a lot that could do damage to the market.’

“And forget the idea of anyone hitting the numbers on Wall Street. The Associated Press says the numbers are going to be doing the hitting on Wall Street this week: Spending, inflation data to hit Wall St.‘ Warned. To which I say, ouch.”

Read more here.