Weekend Linky Dinks: The Tepper Rally & 11 fitty

CNBC hasn’t done anything but confuse people and put most traders in a state of nausea and disgust for years, but yesterday was their shining moment, as they actually pulled a guest that knows a little somethin’  somethin’ about the market out of their ass. David Tepper, manager of Appaloosa and other ridiculously profitable funds, was on “coffee talk” with Joe ‘it’s all about me’ Kernan, Becky, “I have to be in Buffet’s will” Quick, and Carl ‘I have 8-pack abs ‘ Quintanilla. I don’t watch CNBC, but a friend sent me the link on Tepper’s interview. It is right here if you missed it.

My take is that Tepper perfectly telegraphed the current state of the market and more importantly, the state back then. Takeaway? Don’t EVER fight the Fed. He said he saw this at the peak of the deleveraging process, as the Fed said without saying “we will always be in the market to mop up the mess”. He bought BAC at $3 because he knew the Fed would be a firm, committed buyer  at higher levels. The rest is history. The man is smart and his performance is total and unequivocal proof in the pudding. Tepper probably won’t show up on CNBC again for years and the market has a short memory(actually shorter than my Uncle Ned, who sips dinner through a straw), but the market loved it. The shorts got bludgeoned and to make things worse, the bulls pressed it.

It’s impossible to discount what a prodigy like Tepper says. The difference between now and when Tepper was a buyer?… about 120 SPX points. I’m just talking 2010, he killed it in 09 too. Just don’t get loopy with all this.

Will the Tepper rally have legs? 1150 is next up on resistance block. The market will forget Tepper and his comments by Monday afternoon and unless he replaces Kernan on ‘Coffee Talk’  on a daily basis, we will get back to basics pretty quickly. Does that mean we trade lower? No. The market needs a rest, a one to two week consolidation would be healthy.

Whenever it gets too easy to make money, I line my helmet with Kevlar. If you lost money this week or this month, quit trading and get a life coach.

Have a great weekend and enjoy the links.

Some clarity for those who thought your ETF may go to zero.

How this guy lost 100k trading currencies.

Your Clinton dollars.

Obama “Hope” artist is losing hope “Obama was a delivery device”

The return of the $1000 down payment.

NY Times is dying.

Apple passes Petrochina, but they pass everyone.

How Oliver Stone got the greed right.

Behind the decline in credit card debt.

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