Two Blondes and a Correction
March 12, 2007 12:00 AM
Don't call CNBC's Dylan Ratigan a Cassandra for seeing a stock market correction in the works four trading days before the Dow tumbled more than 400 points on Feb. 27. Mr. Bratigan posited on-air that traders seemed to be more concerned with nonstop coverage of Britney Spears and Anna Nicole Smith than with real issues affecting the "complacent" market, which he tagged "Goldilocks" because it was neither too hot nor too cold.
Overnight, Mr. Ratigan became the author of "The Blonde Correction." But the rising CNBC star insists, "It was simply an observation of the phenomenon of complacency. In all seriousness, we had had our longest period of time without a 2 percent down day since 1953. Record borrowing by stocks, record consecutive up months, and everybody's talking about blond women."
With Ms. Spears in rehab, Ms. Smith finally in the ground and all eyes on the market, what does he see next?
"I called one of the two biggest corrections of the decade and you want more," Mr. Ratigan said in mock protest. "We've got to find a brunette."
Moreover, he said, a tabloid queen must command an insane amount of cable news "oxygen" before he will get worried.
"So the next time you see any of the blondes or certain brunettes, and we know who they are, go over the 20 percent threshold, get worried. That's my prediction for you. Instead of predicting, I'd like to teach people to fish so people can make their own predictions."
Sounds like a sure-fire best-selling how-to-get-rich book to Blink.