Real Story: Sea of Joy

"The bulls were right -- but for the wrong reasons. The bears were just plain wrong," Aaron Task says on Wednesday's Real Story podcast.

Wednesday's rally, which secured the Dow Jones Industrial Average's 16th record high of the year, came amid another round of "good news," Task notes, specifically stronger-than-expected factor orders, strong earnings from the likes of Time Warner (TWX Quote), Yum! Brands (YUM Quote) and Mastercard (MA Quote), as well as Cablevision's (CVC Quote) $10-billion-plus private equity deal.

None of those developments point to a Federal Reserve rate cut, something many bulls have been counting on, TheStreet.com's editor-at-large and podcast host says. "But do we really need a rate cut to 'help the market' when the Dow, Russell 2000, S&P MidCap, Dow Transports and Utilities have all rallied to all-time highs recently as the odds of a near-term rate cut have fallen?"

Meanwhile, Wednesday's broad advance left the S&P 500 at its highest level since September 2000, while the Nasdaq hit its highest close since February 2001

Task's first guest, Cody Willard of CL Willard Capital, discusses Tuesday's blockbuster bid by News Corp. (NWS Quote) for Dow Jones (DJ Quote). The deal is "genius," says Willard, a News Corp. shareholder. The RealMoney.com contributor is also a Google (GOOG Quote) shareholder and says he'll sell the search giant's stock should it enter the Dow Jones bidding game, as some have speculated.

Task's second guest, David Peltier, joins for their weekly "Should I Do It?" segment, tackling listeners' emails on stocks such as Rochester Medical (ROCM Quote), Atari (ATAR Quote) and Komag (KOMG Quote).

Click here to listen to the entire podcast.