This column was originally published on RealMoney on Oct. 26 at 1:09 p.m. EDT. It's being republished as a bonus for readers.

Someone, or some group of funds, has decided that Chicago Merc ( CME), CBOT Holdings ( BOT) and Archipelago ( AX) are all simply mispriced and should be much higher. I have to tell you that this is one of those mispricings that a group of funds has decided to remedy all by itself.

Hence, they go up every day.

I know that CME has pricing power. I presume that CBOT does, too. It isn't clear that Archipelago does, but it is possible that we are headed toward a world in which these three companies are going to trade pretty much everything that gets traded -- a nice oligopoly? -- which will allow fees to be raised forever.

Somehow, I don't see that happening. But I have to tell you that in my experience, the kind of aggressive buying I am seeing in these names is reminiscent of the buying I saw in the homebuilders when they got their premium multiple and in some of the oils and natural gases when they went hyperbolic.

I wish, alas, that I could understand the story. I invite you to help me. Those who are doing the buying, please let me know, so at least I can spread the gospel, or, alternatively, get in the heads of the buyers. This level of determination is highly unusual and needs to be understood before these stocks either go to the moon or implode under their own weight.

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