"The bulls were right -- but for the wrong reasons. The bears were just plain wrong," Aaron Task says on Wednesday's
Real Story podcast.
Wednesday's rally, which secured the
Dow Jones Industrial Average's
16th record high of the year, came amid another round of "good news," Task notes, specifically stronger-than-expected factor orders, strong earnings from the likes of
, as well as
$10-billion-plus private equity deal.
None of those developments point to a
rate cut, something many bulls have been counting on,
editor-at-large and podcast host says. "But do we really need a rate cut to 'help the market' when the Dow, Russell 2000, S&P MidCap, Dow Transports and Utilities have all rallied to all-time highs recently as the odds of a near-term rate cut have
Meanwhile, Wednesday's broad advance left the
at its highest level since September 2000, while the
hit its highest close since February 2001
Task's first guest, Cody Willard of CL Willard Capital, discusses Tuesday's blockbuster bid by
. The deal is "genius," says Willard, a News Corp. shareholder. The
contributor is also a
shareholder and says he'll sell the search giant's stock should it enter the Dow Jones bidding game, as some have speculated.
Task's second guest, David Peltier, joins for their weekly "Should I Do It?" segment, tackling listeners' emails on stocks such as
here to listen to the entire podcast.