Or how about the action in
(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.
(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
(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.
Now, I am not saying that stocks shouldn't be going up on legitimate good news. There's nothing frothy about
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.