witness23
Veteran Expediter
Beck resets the clock on the Hindenburg Omen
October 06, 2010 11:09 am ET by Jocelyn Fong
Link: Beck resets the clock on the Hindenburg Omen | Media Matters for America
At some point, Fox News' host who cried wolf will have to explain why the apocalypse he's forecasted never came to pass. But for now, Glenn Beck appears undeterred, telling his viewers last night that "there's a 77 percent chance of a [stock market] crash within the next 30 days." Only thing is, he said that 40 days ago.
Back in August, Glenn Beck clownishly criticized President Obama for having a Ramadan dinner in the midst of a major financial event: the stock market had met the requirements "for a Hindenburg Omen," which "serves as a technical indicator of impending stock market crashes." Beck explained that once the five requirements are triggered, a 5 percent drop in the market "usually takes place within the next 40 days":
Beck further warned that it would not be "real wise" to ignore this information because the "perfect storm" that has been brewing "is going to wash ashore and there will be nothing we can do about it if we haven't already battened down the hatches."
On August 25, Beck returned to the Hindenburg Omen and said: "When it's triggered, a market crash happens 77 percent of the time. Well, we told you that it was triggered two weeks ago. Unfortunately, it was just triggered again last Friday. And almost triggered a third time last Thursday." Beck aired a video clip of the burning dirigible falling to earth, saying, "When the Hindenburg Omen is in play, this is what usually happens." (According to Elizabeth MacDonald of Fox Business News, "market analysts say" that the second trigger didn't actually happen.)
Well it's now October 6, outside the 40-day window within which Beck told us a stock market "crash" would likely happen. The Dow Jones Industrial Average saw its "strongest September rally since 1939," according to the Wall Street Journal. The Hindenburg Omen hasn't been triggered again since August. But inexplicably, Beck brought it back to his show last night and claimed that "we just entered the 30 day period":
Beck claimed that once the requirements are met "there's a 77 percent chance of a crash within the next 30 days." In fact, as the Wall Street Journal reported, "significant stock-market declines have followed the indicator just 25% of the time." The Journal also stated that Barry Ritholtz, chief executive of Fusion IQ calls the Hindenburg Omen "'recession porn,' contending that investors are attracted to negative commentary and conspiracy theories during skittish markets."
Why would Beck want his followers to have an outsized fear of an impending market crash? It's not clear. But on the show last night, Beck asked his viewers if they have done anything to prepare since he first told them about the Hindenberg Omen. He mentioned that the rich are "preparing" by purchasing "gold by the ton" and said: "there's no excuse for you saying you didn't have access to that information anymore."
October 06, 2010 11:09 am ET by Jocelyn Fong
Link: Beck resets the clock on the Hindenburg Omen | Media Matters for America
At some point, Fox News' host who cried wolf will have to explain why the apocalypse he's forecasted never came to pass. But for now, Glenn Beck appears undeterred, telling his viewers last night that "there's a 77 percent chance of a [stock market] crash within the next 30 days." Only thing is, he said that 40 days ago.
Back in August, Glenn Beck clownishly criticized President Obama for having a Ramadan dinner in the midst of a major financial event: the stock market had met the requirements "for a Hindenburg Omen," which "serves as a technical indicator of impending stock market crashes." Beck explained that once the five requirements are triggered, a 5 percent drop in the market "usually takes place within the next 40 days":
Beck further warned that it would not be "real wise" to ignore this information because the "perfect storm" that has been brewing "is going to wash ashore and there will be nothing we can do about it if we haven't already battened down the hatches."
On August 25, Beck returned to the Hindenburg Omen and said: "When it's triggered, a market crash happens 77 percent of the time. Well, we told you that it was triggered two weeks ago. Unfortunately, it was just triggered again last Friday. And almost triggered a third time last Thursday." Beck aired a video clip of the burning dirigible falling to earth, saying, "When the Hindenburg Omen is in play, this is what usually happens." (According to Elizabeth MacDonald of Fox Business News, "market analysts say" that the second trigger didn't actually happen.)
Well it's now October 6, outside the 40-day window within which Beck told us a stock market "crash" would likely happen. The Dow Jones Industrial Average saw its "strongest September rally since 1939," according to the Wall Street Journal. The Hindenburg Omen hasn't been triggered again since August. But inexplicably, Beck brought it back to his show last night and claimed that "we just entered the 30 day period":
Beck claimed that once the requirements are met "there's a 77 percent chance of a crash within the next 30 days." In fact, as the Wall Street Journal reported, "significant stock-market declines have followed the indicator just 25% of the time." The Journal also stated that Barry Ritholtz, chief executive of Fusion IQ calls the Hindenburg Omen "'recession porn,' contending that investors are attracted to negative commentary and conspiracy theories during skittish markets."
Why would Beck want his followers to have an outsized fear of an impending market crash? It's not clear. But on the show last night, Beck asked his viewers if they have done anything to prepare since he first told them about the Hindenberg Omen. He mentioned that the rich are "preparing" by purchasing "gold by the ton" and said: "there's no excuse for you saying you didn't have access to that information anymore."
