If you're having trouble making sense of the market, don't despair. It's not you.
It's the market.
So says Jim Cramer as he looked at developments and how they're moving stocks. Specifically, the "Mad Money" host was baffled at the way in which investors viewed interest rates.
On Wednesday, the yield on the 10-year Treasury ticked higher and immediately, investors started to buy stocks.
"Can the market honestly be this stupid? Just to let you in on how dumb that is, if I told you higher mortgage rates were better for the consumer, would you believe me? Of course not."
But that's how the market traded with the retail stocks attracting investment and finishing the session in the green.
"Let's face it," Cramer said. "The stock market's in a particularly moronic phase right now. Higher interest rates hurt business activity and function as a tax on consumers and businesses alike. Bulls should favor more economic activity and more purchasing power, not less, which is why for the 35 years I've been in this business, anything that's sent rates up has also sent stocks down. Until now."