Wednesday, August 01, 2007

Conspiratorial Cramer

I don't have a subscription to Real Money anymore, but I do like to check in from time to time and just read the blog titles. Jim Cramer had a classic yesterday. He always seems to find some conspiracy to explain away any market downturn and this time it was the futures and ETFs that were driving down prices. His explanation? There is no up-tick rule so money managers can push the broader markets down more easily.

There is only one problem with that hypothesis, namely that the uptick rule was ruled obsolete and was eliminated by the SEC this last June. Good one Jim.

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