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TECHNICIAN

TWO CENTS
Features BUSINESS & MONEY

WEDNESDAY, MARCH 18, 2009 • PAGE 5

Dow inches upward


The Dow Jones Industrial Average
managed to close on a positive note
Tuesday. After a dismal February and
early March, the market made gains
Students continue to fight for positions
each day within the last trading week,
with the exception of Monday. The With nearly two million jobs lost since don’t have interns,” she said.
market closed at 7,395.70, nearly
1,000 points higher than its recent
December, students are struggling to find For some fields, that certainly seems to be JOB SEARCH TIPS
low of 6,547.05. jobs, internships the case. E-Pack, the Career Center’s job and
SOURCE: WSJ.COM internship portal, listed fewer internships dur- Even the one and only best business newspaper
in the nation is worried about the plight of new
Taylor McCune ing the spring semester than last year for several graduates. Here are some tips from the Wall Street
Insurance giant finds Features Editor colleges. Journal. Now go get hired!
more trouble The job market is not doing well either.
• Follow the money, meaning the economic
American International Group The Bureau of Labor Statistics released Febru- Tim Lipka, a senior in political science, has
granted millions of dollars in bonus ary’s dismal labor statistics March 6. In that one been looking for a job since August, and has stimulus money. Stimulus money will help
money to 73 people in its Financial industries grow and create jobs. The ag-
month, Americans lost 651,000 jobs. And that’s yet to hear a positive response. ing baby boomer set is doing the same for
Products subsidiary last week. Each
of the 73 people received at least $1
on top of the 655,000 jobs lost in January and “I’m not going to have a job when I gradu- healthcare jobs.
million in bonuses, with the highest the 681,000 lost in December. That brings the ate,” he said.
amount being $6.4 million. Since its total unemployment rate to 8.1 percent. Lipka has been searching for positions with • Explore a different path. Your dream job may
not be the one you’ll get the quickest. Just try
collapse in late 2008, the U.S. gov- It’s true that the numbers are dismal. And the U.S. Nuclear Regulatory Commission, to find one in a related field.
ernment has maintained control of dismal numbers make but, since he has had
80 percent of the company and has
dismal job searches. no luck, he is expand- • Consider internships even if they’re unpaid.
poured taxpayer money into AIG to
keep it going. Nancy Pelosi said law- Ca rol Schroeder, “It is a severe situation” ing his search to other The experience can be invaluable, and you
may be offered a position.
makers would discuss how to handle director of the Uni- parts of the govern-
the situation and take the money Carol Schroeder, director of the University
versity Career Center, ment. • Volunteer for the same reasons, and it’s bet-
back.
described the problems Career Center Schroeder said being
SOURCE: WSJ.COM ter than sitting around not doing anything.
with the job market as flexible like Lipka is a
“severe,” but she said finding jobs or internships must during these tough times. Not every job • Stay in school? Maybe the job market will be
Raleigh considers is still possible, and even “reasonably likely” for searcher will get his or her preferred position. better in a few years. Carol Schroeder said
raising water rates applicants who are well prepared. “That’s the reality — what’s available, not
the graduate school is already reporting a 21
percent increase in applications.
The city of Raleigh is considering a
17 percent rate increase on municipal
But not all applicants are. Schroeder said us- what you’re passionate about,” she said.
ing the Career Center’s services are the easiest Arnold Bell, director of the Cooperative Edu- SOURCE: WSJ, CAROL SCHROEDER
water and sewer to help pay off a
$13 million budget deficit. The rate way to improve job search materials, but that cation Program, said co-op students are having
increase comes on top of a new tiered not many students have been coming in. to be flexible as well. tration, hasn’t yet, and he may be close to ben-
payment system which goes into ef- “I’m a little puzzled that we’re not seeing more “The number of opportunities are shrinking,” efitting. Despite being frustrated by the dirth
fect in December.
SOURCE: WRAL.COM
students,” she said. “My concern is perhaps that he said. “Students may have to be flexible about of full time job opportunities available in the
the news is so negative that they don’t see a accepting positions in other locations.” business world, Craft is less than a week away
Fannie, Freddy may see benefit in actually taking action.” Some companies have informed the co-op
Faran Doleberg, a junior in communication, office that they will no longer accept co-op
from an interview with John Hancock.
Schroeder said those who haven’t had a job
changes said she has used the center and that “it is very students. Bell said several areas are being af- or internship opportunity yet should stay per-
Rep. Barney Frank said Tuesday
he hopes to introduce legislation to helpful,” but is still having trouble finding an fected by fewer offerings, but the golf industry sistent and positive.
restructure Fannie Mae and Freddie internship. was one of the worst. Co-ops are mandatory “Panicking and doomsaying are not helpful,”
Mac. “The current model is broken,” “I’ve been looking for an internship since... for graduation with a degree in professional she said. “This [situation] is not new. Students
he said. Frank said a possibility is to January,” she said. golf management, and the lack of positions need to understand that they will hear more
separate the companies into one that
ensures funding for the home-mort-
Doleberg got to the second round of inter- could prevent some students from graduating ‘nos’ than ‘yeses.’”
gage market and one that provides views for an internship with the government, on time, according to Bell. Lipka may only be hearing ‘nos’ right now,
government subsidies for low-income but was not offered the position. Bell said the program is even seeing some but he has a backup plan in case May comes
people. The government took control It may seem like internships would be easy layoffs due to the economy. with no job offers.
of the two companies in September to come by during a recession, since most of But both Bell and Schroeder said students “I would go home and work at my dad’s en-
after a combined $108 billion loss.
SOURCE: WSJ.COM
them are unpaid. But Schroeder said that isn’t shouldn’t give up. gineering firm,” he said. “I have a backup plan,
necessarily true. “It is a severe situation, but that doesn’t mean but I don’t want to use it!”
“You have to have something that needs to you give up,” she said.
be done and if your business is in trouble you Robbie Craft, a senior in business adminis-

DENNIS GARTMAN’S
SIMPLE RULES OF TRADING
1. Never, Ever, Ever, Under Any Circumstance, Add To A Losing
Position. Not ever, not never! Adding to losing positions is trading’s
carcinogen; it is trading’s driving while intoxicated.
It will lead to ruin. Count on it!

Before You Invest,


2. Trade Like A Wizened Mercenary Soldier. We must fight on
the winning side, not on the side we may believe to be correct
economically.

3. Mental Capital Trumps Real Capital. Capital comes in two types,


mental and real, and the former is far more valuable than the latter.
Holding losing positions costs measurable real capital, but it costs
immeasurable mental capital.

We Encourage
4. This Is Not A Business Of Buying Low And Selling High. It is,
however, a business of buying high and selling higher. Strength tends
to beget strength, and weakness, weakness.

5. In Bull Markets One Can Only Be Long Or Neutral, And In Bear


Markets, One Can Only Be Short Or Neutral. This may seem self-
evident; few understand it however, and fewer still embrace it.

You To Hear
6. “Markets Can Remain Illogical Far Longer Than You Or I Can
Remain Solvent.” These are Keynes’ words, and illogic does often
reign, despite what the academics would have us believe.

7. Buy Markets That Show The Greatest Strength; Sell Markets That
Show The Greatest Weakness. Metaphorically, when bearish we
need to throw rocks into the wettest paper sacks, for they break most
easily. When bullish we need to sail the strongest winds, for they carry

The Fine Print.


the farthest.

8. Think Like A Fundamentalist; Trade Like A Simple Technician.


The fundamentals may drive a market and we need to understand
them, but if the chart is not bullish, why be bullish? Be bullish when
the technicals and fundamentals, as you understand them, run in
tandem.

9. Trading Runs In Cycles, Some Good, Most Bad. Trade large and
aggressively when trading well; trade small and ever smaller when
trading poorly. In good times, even errors turn to profits; in bad times,
Dennis Gartman is an internationally-acclaimed trader, economist and author of The Gartman Letter. And of course, an NC State graduate. the most well-researched trade will go awry. This is the nature of
trading; accept it and move on.
Leading banks, brokerage firms, mutual funds, energy and grain trading companies subscribe to his newsletter. Large audiences view his
commentary on CNBC, ROB-TV and Bloomberg television. Many witness his addresses before associations and trade groups around the world.
10. Keep Your Technical Systems Simple. Complicated systems breed
confusion; simplicity breeds elegance. The great traders we’ve known
We invite you to join us Thursday at 6 p.m. to hear his views about the current state of the global economy and his opinions about its future. have the simplest methods of trading. There is a correlation here!

11. In Trading or Investing, An Understanding of Mass Psychology


Is Often More Important Than an Understanding of Economics.
Simply put, “When they are cryin’, you should be buyin’! And when
they are yellin’, you should be sellin’!”

12. Bear Market Corrections Are More Violent And Far Swifter Than
Bull Market Corrections. Why they are is still a mystery to us, but
they are; we accept it as fact and we move on.

13. There Is Never Just One Cockroach. The lesson of bad news on
most stocks is that more shall follow — usually hard upon and always
with detrimental effect upon price, until such time as panic prevails
and the weakest hands finally exit their positions.

14.
Presenting Dennis Gartman
Be Patient With Winning Trades; Be Enormously Impatient With
Losing Trades. The older we get, the more small losses
we take each year — and our profits grow accordingly.

The Global Financial Meltdown: 15. Do More Of That Which Is Working And Less Of That Which Is Not.
This works in life as well as trading. Do the things that have been
proven of merit. Add to winning trades; cut back or eliminate losing

Strategies to Stay Afloat 16.


ones. If there is a secret to trading (and of life), this is it.

All Rules Are Meant To Be Broken — But Only Very, Very


Infrequently. Genius comes in knowing how truly infrequently one
Free and open to the public at NC State’s Stewart Theatre • Thursday, March 19 at 6 p.m. can do so and still prosper.

NC State honors requests for reasonable accommodations made by individuals with disabilities. Requests can be served more effectively if notice is provided in advance of the event. Please direct accommodation requests by calling (919) 515-2195.