The markets have sold off on the news that the Fed is forecasting slower growth and higher unemployment in 2008. The DOW tempted 12840 at around 2:30 PM. I don't like the action and will continue to sit out, watch and wait. I'm spending the time reviewing some of the stocks on our watch list and/or holdings (CBT, RAIL, UST) and identifying stocks acting well in such a challenging environment.
I'm going to assume that we see 12840 again today and, of course, since I think it I'm to assume that the "crowd" thinks it and since the "crowd" is predominantly wrong then we should actually do not what the "crowd" does and buy the broad market here. I don't think so. I'll sit tight.
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