• MER is up 5% on the rumor that Stanley O’Neal is going to be fired.  I guess that is more important than the financial bombs that any new CEO would inherit.
• TWX is up 3% on the rumor that CEO Richard Parsons is on the way out.  Maybe the new guy will have all the answers for the media mess that has prevented TWX from appreciating over the last 4 years.
• C is usually up every time CEO Charles Prince is rumored to be replaced in the perpetual Citi management shakeups.  Are lawyers really supposed to be CEOs?

Given all the rallies that these examples are showing, it looks like the market would jump about 5% if every CEO in the S&P would be fired!   That would give us new record highs.  If you think this logic is absurd, you are correct.  But then again, so are the examples I just mentioned and yet, I am seeing investors buy up this nonsense and cheer.  That is equally absurd.