When the market is going up, bears who are losing money criticize CNBC for cheerleading the market up. But when the market goes down, they do not thank CNBC for sowing panic. CNBC commentators are just as happy to “pass along” the rumors of short hedge funds as they are long funds.
For example, will any bears send a thank-you note to Jim Cramer for saying that “Lehman Two is coming” while the market was open on Tuesday? Cramer said that at 2:33pm and the SPX immediately dove 5 points while he kept talking, and didn’t bounce until they went to commercial.
And that’s only one example of many of CNBC coming through for the shorts.
In other news, the A/D line on the chart that I posted back here finally cracked on Tuesday.