Upside Trader on the Tepper Rally

Joe Donahue is out with a reaction to what we're now calling the David Tepper Blues Explosion, a furious rally across all sectors that chased the deflationistas back to their caves yesterday...

My take is that Tepper perfectly telegraphed the current state of the market and more importantly, the state back then. Takeaway? Don't EVER fight the Fed. He said he saw this at the peak of the deleveraging process, as the Fed said without saying “we will always be in the market to mop up the mess”. He bought BAC at $3 because he knew the Fed would be a firm, committed buyer  at higher levels. The rest is history. The man is smart and his performance is total and unequivocal proof in the pudding. Tepper probably won't show up on CNBC again for years and the market has a short memory(actually shorter than my Uncle Ned, who sips dinner through a straw), but the market loved it. The shorts got bludgeoned and to make things worse, the bulls pressed it.

Head over for the rest and some weekend links:

Weekend Linky Dinks: The Tepper Rally (Upside Trader)