Great day for rumors

It's been quite a while since I've seen so many rumors flooding the market. None of them are worth repeating, and quite a few would be absolutely amusing if I didn't know that so many people take this kind of crap so seriously.

At least it keeps the reporters busy. No sooner do they take down one rumor and verify that it can't be substantiated, when yet another rumor rises up to take its place.

So, what's it all about? Simple: A truly outrageous, bald attempt to manipulate the market. Lacking significant, hard, vertifiable news, the "volatility crowd" resorts to outright rumors.

Sure, you can blame the market decline on high oil prices, but they're not that much higher than a week or a month ago. And since most of the gains are due to outright speculation rather than real, underlying supply and demand by actual users, the "bump" will evaporate soon enough.

The message to true investors remains the same: Chill out. Stay the course.

You can also read our Stock Market Outlook for 2006 and our Daily Stock Market Commentary.

-- Jack Krupansky