We could kinda see how it might be conceivable that David Tepper helped spur a big rally on Friday, when he came on CNBC and announced how bullish he was.
But this can’t be true… Some are suggesting that Bob Prechter coming on CNBC at around 3:40 and calling for Dow 1,000 somehow hammered stocks.
Sorry, but if the market fell because of Prechter, then something’s seriously wrong. Prechter is ALWAYS bearish (basically), and he’s always bullish on the dollar, and we didn’t hear a shred of anything new during his appearance. Here he was in July calling for Dow 1,000.
And he didn’t have any new arguments either. It was just Prechter being Prechter. He’s always interesting, but market moving? Yeesh.
All that being said, we’re pretty sure the market had already started sliding before he came on, so we don’t think he had anything to do with it. We hope not, anyway.
Update: Here’s the video.