Roger=Jerk?

Earlier today I put up a post about the market only being down a little. I put the same post on the RealMoney Columnist Conversation page. One of my colleagues at RealMoney sent me a couple of emails calling me out on my down a little notion.

He noted that the Nasdaq and the Valueline Equalweight Index are both down twice as much as the S&P 500. He said that you need to look broader than SPX to make a prognosis.

There was nothing in my comments that was forward looking. My post was only about staying level headed. The other writer is a money manger too and I don't know about him but most other IM's I know, including me, benchmark to the S&P 500 so I do believe looking at it is relevant. The Nasdaq is considered to be a proxy for one sector (technology) so I never look at it to try to assess where I stand.

Long time readers probably know that I have been underweight tech for a long time, and recently sold down a little energy and emerging market exposure. While I am feeling this move down it could be worse.

I want to convey that I do not get emotional about the stock market and hopefully this is something that readers take from this site. The money I manage is long-term money. Over the long-term small moves down happen and that is just how it works.

David Taylor left a comment that the trend line for the market has been breached. Fair enough and if that is your get defenisve catalyst so be it, but stick to whatever plan you have.