Doug Kass Poses Market Rorschach Test

Doug Kass over at TheStreet/RealMoney has posed a kind of backdoor market Rorschach test today. By posted a faux conversion/confession on his supposed shift from bearishness to raging bullishness he got lots of attention — and now bears and bulls alike are harumphing about it.

Why? Because bears are using it to say bulls are idiots, in that they drove stocks higher on a major bear’s implausible conversion to bullishness, and that just shows how frothy things are, and so you should Sell. And bulls are saying that the market’s extreme sensitivity to a Kass’s implausible conversion from bearishness to bullishness shows how oversold things are, therefore you should buy.

Such fun. More here.

Comments

  1. Doug Kass is awesome….I can’t believe Bloomberg picked this up wtihout noting it was an April fools.

  2. where did bloomberg pick this up?

  3. How did this get so much legs? He ends his note with ‘April Fools Day!’ and stating his short positions.

  4. Oh, my days, somebody please post video of the financo-newsers taking this for realsies.

  5. This just proves that Americans can’t read.

  6. The difficulty is the market may have been oversold for the present, but perhaps not for the future.

  7. April Fools!! says:

    Huh, no one picked up the story. Barry Ritholtz wrote an April Fool’s post saying all the major media outlets picked up the story. And then US News & World Report and Business Week didn’t know Ritholtz was joking, and they fell for the 2nd hoax, reporting about how all the media outlets picked up the story. It was a double windup.

  8. April Fools!! says:

    Barry Ritholtz fooled Katy Marquardt at US News & World Report, http://www.usnews.com/blogs/money-matters/2008/4/1/april-fools-gag-pranks-financial-media.html