So, the rally gained steam and people realized that rates can go both ways and Bernanke's not happy with the velocity of the move.
Now, on to the charge of manipulation. My take's pretty clear. The truth is an abstraction. When it comes to the market it really doesn't matter if something is true, what matters is that people believe it is true. Does Bernanke really have the power to contain rates? Maybe, maybe not. But with rates down yesterday and Bernanke squawking, how can you believe that he is impotent. More important, how do you know that the trader next to you doesn't believe he's for real and says we gotta cover and we gotta cover now?
Which all comes back to the first point about whether one market is true and the other market is phony. I have lived with this ridiculous dogma for 14,000 phony Dow points. I have lived with this fanciful judgment during the fabulous runs for so many stocks. All I can say is that nothing's phony if a bid can be drilled for a stock that moved up big on the phoniness. Nothing. If you are able to sell a big piece of merchandise at a good price, what's phony about it?
Of course, my view is viewed as having no rigor vs. the views of those who know it is all a big, rigged market. But the joke's on them. You see, I don't care who rigs it. I don't care what's real. What's wrong? What's different? What's fresh? What's stale? What's known? What's not known?All I care about is what's working. That's because I am not a bull or a bear. I am a practical person who accepts manipulation on both sides, who understands that people lie and cheat and do whatever's necessary to make money. I have said that before and gotten in big trouble for it by speaking about how I have seen it done, not how I do it or did. I just want it to be known that it happens and I want people to be able to see it and game it for what it is worth, a wave to ride to profits, and nothing more.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV