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We really created some big deals with our stupid margin calls and our ridiculous hedge fund shorting, didn't we? We really gave Main Street a good laugh at our expense.

I am talking about the

Phelps Dodge

(PD) - Get PagerDuty Inc. Report

deal on top of the


(APC) - Get Anadarko Petroleum Corporation Report


Neither deal should have ever been able to get done


But both deals reflect the playbook, the playbook that says all of these stocks must be sold because of the Fed.

For about six months the playbook was wrong, as everyone figured the Fed would be finished and the yield curve would never invert. But once the Fed persisted and the curve inverted, all of these stocks became for sale, and then when they went on sale, the margined folks just panicked or were margined out, and we got prices that made these deals make too much sense not to do.

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I am telling you that other than the post-1987 crash, I have


seen anything like it. All of these companies --minerals, oils, infrastructure, mining and manufacturing -- are just too cheap given that the worldwide economy, not Ben Bernanke, determines pricing.

I know that the Fed is going to act this week, but I believe you have to be thinking where lightning is going to strike next, because so far every one of these targets would have had number bumps when they reported. When you can speculate on takeovers with sound fundies, you almost always win.

At the time of publication, Cramer had no positions in stocks mentioned

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