Kass: Where Have the Fundamentals Gone?

But if the direction of the market is driven almost exclusively by sentiment, it might be time for me to find a new profession or to consult regularly with a psychologist before investing. Or, better yet, to buy each and every dip and worship at the altar of momentum as so many investors seem to be doing.

Moreover, in observing the sharp rally yesterday, after what should have been viewed as a disappointing statement from the Fed, I am beginning (quite frankly) to feel the market is essentially rigged in favor of the long players and against the short cabal -- whether it's a plunge protection put, a Bernanke put or in other mysterious ways.

A see-no-evil, hear-no-evil market is enough to drive a short-seller to drinking. I should note, however, that, whenever I get this feeling, it is often a time to be short or out of the markets.