The 'Icahn bottom'? Where his call for doom stands

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Carl Icahn: Earnings a mirage

When Carl Icahn put together an elaborate presentation on why he thought the stock market was in trouble, investors took notice — and started buying.

In fact, Icahn's doom-saying seems to have had just the opposite effect, with the market staging its strongest run of the year just as the famed activist investor pushed the opposite case.

Since his video, titled "Danger Ahead," hit Sept. 29 — followed by a CNBC appearance the following day — the S&P 500 has been on something of a tear, gaining about 7 percent and making a run at turning positive for the year.

It's a curious turn for someone more known for the "Icahn lift" that usually accompanies the stocks in which he takes an interest. Apple, Netflix, Herbalife and a slew of other companies have gotten significant bounces when Icahn stepped in.

This time around, though, things look different.