UPS' Monkey Wrench, Why New Highs Matter : Cramer's Best Blogs
Jul 13, 2013 | 12:21 PM EDT
Why New Highs Matter Posted at 12:45 p.m. EDT on Thursday, July 11 What do new all-time highs mean? What does it do to the psychology of the market, to how people view stocks, to how people think about equities? That's what's on everyone's lips and it is imperative that the issue be addressed because it does matter to what happens next for peoples' IRAs, 401ks and personal accounts. First, there's this odd notion that the move doesn't count because it's supported by the Fed Chief Ben Bernanke's largesse. Some people, including my own CNBC colleague Rick Santelli, said that this very morning. It's almost as if the whole move isn't valid because it's artificially inflated by bond buying and it's just plain unfair.
I've got a different view. I ask "unfair to whom?" My whole public existence is about trying to help people make money and preserve capital when it's impossible to make that much money by investing in stocks. I am not about trying to make a leveraged bet on bonds. I am not about abetting short sellers in scaring people away from certain stocks. I am not about betting against the Fed to get the highest return for my rich investors. I did that already. I spent 10 years doing that. I didn't and don't want to do it anymore. I just want to help. That doesn't mean I will always be right, far from it. When I am wrong I point it out even as that just makes me a bigger target. I don't care. I know who I play for. There's no confusion. My private feelings about what Bernanke's doing have no bearing here. They are irrelevant. That's because they aren't about trying to make you money, they are about some soapbox I don't want. So what if Bernanke is the financial equivalent of Despicable Me. It's a blockbuster. And they don't sticker the returns at the bank. They just take the money from your winnings and put it into your account.
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