Being Contrary Doesn't Make You 'Right'
NEW YORK (TheStreet) -- Peruse the headlines that ran in the wake of Nokia's(NOK) dismal earnings report yesterday and guess the article you should you read most carefully:
"Time Is Not on Nokia's Side" -- The Wall Street Journal.
"Does Nokia's Gloom Spell Doom?" -- Motley Fool.
"Nokia: Demand Still Falling, The Worst Is Still To Come" -- Forbes.
"Nokia's Long Nightmare Continues" --- Zacks.
"The Light at the End of Nokia's Tunnel" -- Motley Fool.
If you guessed the last one, you're right. While the others predict various forms of hellfire and damnation for Nokia, the last headline is happy-faced. Why read it?
Here's the only bit of acumen you need in the stock market: when the entire crowd is rushing headlong in one direction, entertain the possibility that the future stands in the opposite direction.