Paul Kedrosky says Barry Ritholtz is a perma-bear. Mr. Ritholtz’s latest claim, that a short fund manager’s April Fools Day memo caused today’s market rally might lend credence to the claim, but I am not buying it.
One need look no further than the links Mr. Ritholtz points to in his post. Each and every piece of cheerleading which referenced “the memo” has now been wiped clean, meaning the so-called journalists have tacitly admitted to being hoodwinked.
When the markets can only thrive on bogus AMBAC bailout rumors and short-fund managers’ April Fools jokes, said markets cannot be particularly healthy.
SIDE NOTE: the S&P was up 33 and change as I wrote this.
UPDATE: Looks like the joke went meta. I suspect a lot of folks are now saying they knew it all along. Me…not going there. I was duped by some masterful work – my skepticism of the media was worked over bigtime. And I doubt I’m alone in getting fooled or with regard to the media incredulity.