Pump & Dump

The rally got narrower. Goldman called it mania. The pitch in your inbox called it opportunity.

The S&P 500 just posted its strongest earnings quarter in five years while oil burned through $126 a barrel and the Strait of Hormuz stayed shut. Goldman analysts called the rally "mania." That word is now traveling through inboxes attached to pitches that have nothing to do with Apple or Caterpillar.

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Pump & Dump

The headline moved the gold. The pitch moved the retiree.

A Reuters wire moves a market by half a percent. In a strip-mall office a thousand miles from the news, a closer reads the same headline and dials the next number on the list. This is how a geopolitical story becomes a sales script.

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