Cramer says it's hard to make sense of the stock market right now .

Sometimes there is nothing you can do but let it play out.
 - Jim Kramer

Suddenly there is confusion. Bonds are seeking direction, inflation may be nigh. Interest rates may be low. Some take this as a signal the FAANGS the dominate the Passive Indexes may be ready to capitulate. The theory goes that the FAANGS value is about earnings per share in the futre days of digital avatars, electric cars and flying electric planes and cars. 

It's been the question not answered of the moment for forever now.

Bloomberg's John Auters recently distilled some others' ruminations on this point.

The rise of Tesla and the others means that all of us who have money in index funds now have much more exposure to some companies whose value lies in earnings far in the future. With yields staying low despite everything, those companies have enjoyed a reprieve. If you believe inflation is going to be a fact of life, the bond market has just given you an opportunity to take profits and seek refuge in inflation proxies. It might be a good idea to do that. 

Auter's musings are in line with Jim Grants and others at the end of Sept. Now it's a movement. Him Kramer verifies that.

 Where is the confusion manifest? Confusion about the direction of inflation, bond yield, and Faangs (plus Tesla), and Europe vs. US. See above. And says Kramer there is nothing you can do but let it play out. Selling is okay, but not buying, he says.

The rub to me is that the very large active mutual funds have been naturally drawn in to the FAANG chamber too. Some of them (Contrafund) have higher percentage of FAANGS than do the indices. - B.B.