The Great Simon-Hobbs Rally of 2010

On the eve of the SPX’s greatest six-day rally in seven years, CNBC anchor Simon Hobbs tried in vain to explain to the psycho-bearish “Fast Money” traders why they were a classic case of a contrary sentiment indicator. At 4:30 into the video below, you can see Hobbs exclaim:

“You’re all bearish! This is a classic case of buy the market.”

If you watch the show from the beginning, you will see a level of cluelessness on the part of the “Fast Money” traders so breathtaking that you just might stop breathing and die. You have been warned. As I have said for many years, the best information you will get from CNBC is sentiment of the contrary variety.

I don’t know if the great man has a “Fast Money” nickname yet, but obviously it should be “Super” Simon Hobbs. Click chart to enlarge:

This entry was posted on Tuesday, July 13th, 2010 at 6:24 pm and is filed under Investing. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.