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Mocking Discipline, Measuring Froth: Jim Cramer's Best Blogs


Or how about the action in Cheniere Energy (LNG - Get Report) jumped up big on the Cove Point approval news. Huh? They are competitors, for heaven's sake. Cheniere should be going down, not up. That's just crazy.

How about Yahoo! (YHOO - Get Report)? The consensus about yesterday's interview with the CEO, Marissa Mayer, is that it was a terrific cheerlead, a great sign that things remain on course for the turnaround. But I heard nothing new that was substantive. No matter, the stock jumped a buck on it.

Let's not forget Facebook (FB - Get Report), which goes up every day on every single price target bump, bumps that are happening only because the stock has been going up. It's a self-fulfilling prophecy.
[Read: <a target="blank" data-add-tracking="true" href=""><em>Expiring Tax Benefits</em></a>]

Now, I am not saying that stocks shouldn't be going up on legitimate good news. There's nothing frothy about Qualcomm (QCOM) going up on a renewed and aggressive buyback. And negative news, a downgrade of Cliffs Natural Resources (CLF - Get Report) for example, did take the stock down after a nice run.

But the idea that Wall Street research can have this positive power is something that signals either a reversion to the bull markets of the 1980s and 1990s, long-lasting runs that were led by bullish Wall Street, or a sign that the market has just gotten way ahead of itself and it just plain too frothy for me.

I am thinking right now that it's the latter. Maybe, perhaps, I will be willing to flip back into 1980s and 1990s mode and just admit that caution has become a big mistake, but right now I would prefer not to add money to the stock market and instead pull back a bit and wait for a better, less frothy entry point. Somehow I think I will get that chance.

At the time of publication, Action Alerts PLUS, which Cramer co-manages as a charitable trust, was long FB.

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