Contrary Indicator – CNBC’s “Fast Money” Celebrates One Year Anniversary As Market Crashes
One of the most famed indicators in the investment business is the cover story indicator.
When a cover story appears in a popular, general interest magazine the trend is supposed to be nearly over and about to reverse. That is because once it is on the radar of the general public everybody, or most people, is aware of it and has positioned themselves accordingly.
Well what about the creation of a show called “Fast Money” on the popular stock market channel? Taken in context with the speculative market environment we saw in the last half of 2006, this was probably a piece of evidence that the top was near.
Well, today Fast Money celebrated their one year anniversary. I wonder how hard their ratings will get hit in their second year.
Note: I am a fan of “Fast Money”, especially “The Lone Wolf” Jeff Macke and “The Negotiator” Guy Adami.