Market Bottom??Watch CNBC
- Thread starter William Rennick
- Start date
I agree on most of them, there are 3 or 4 that they save as market savers, Maria swung the Market 2 weeks ago at 3:30 EDT
we arent there yet. cramer has said bottom 10 times already.
Vehn, Your indicator is getting closer.
By Jim Cramer
RealMoney.com Columnist
5/19/2006 12:15 PM EDT
Click here for more stories by Jim Cramer
So what's the tenor here? Someone emails me that on the H&E Equipment Services (HEES:Nasdaq - commentary - research - Cramer's Take) call, the crane renter, that there is an extreme imbalance between crane supply and demand and he wants to know whether to buy Manitowoc (MTW:NYSE - commentary - research - Cramer's Take). I don't tell individuals whether a stock is appropriate for them, but I would ask, simply, "What is the point?" If the fundamentals mattered, Halliburton (HAL:NYSE - commentary - research - Cramer's Take) would be at $90, Nabors (NBR:NYSE - commentary - research - Cramer's Take) at $40 and Caterpillar (CAT:NYSE - commentary - research - Cramer's Take) at $80.
How long can that last? I don't know, anyone remember 1987 besides me? When we had an options week like this where the market just kept rolling over and it was the worst week ever, until the next one?
No, I am not saying we are in crash mode. I am saying that many stocks, including stocks that have been up a lot because of commodity demand, are being killed. They are being killed because the speculation must cease. If someone from the Fed were on that H&E call, he would be saying, "Let's take rates up 100 basis points in an emergency meeting before things get too out of hand."
Let me use the example of Foster Wheeler (FWLT:Nasdaq - commentary - research - Cramer's Take), which may be, pound for pound, the worst-trading stock I have ever owned. Here is a company that this very week told you that things were better than they have ever been, that the balance sheet is great, that the order book is huge and that it is in shape to, if it wants, do a buyback.
Who cares?
Good grief!
Or Halliburton, which is buying its stock back hand over fist. No one wants that sucker. Or Alcan (AL:NYSE - commentary - research - Cramer's Take), which reported a gigantic quarter, first in years, is printing money, and is getting sold off as if we are in a recession!
Right now, the fundies are not in control. The ETF selling, the obvious margined selling -- seem reminiscent of 2000 again, except this time it is in the titanium and coppers? -- and the panicked selling of those who fear a crash, even as we get it, are in charge.
I am almost tempted to tell you to stop focusing and just wait until we are down another 500 points on the Dow to do more buying. Really wide scales.
But I see stuff that is too cheap and I can't resist.
Picking and then waiting for another level.
By the way, there are tons of people who are second-guessing the strategy of picking on the way down, including some on this site. But if it's such a losing strategy, why did it make me so much money, including during one crash, one mini-crash, two meltdowns of the Nazz and the financials and in 2001?
But that's the way it goes. I have thick skin.
At the time of publication, Cramer was long Halliburton, Foster Wheeler and Alcan.
By Jim Cramer
RealMoney.com Columnist
5/19/2006 12:15 PM EDT
Click here for more stories by Jim Cramer
So what's the tenor here? Someone emails me that on the H&E Equipment Services (HEES:Nasdaq - commentary - research - Cramer's Take) call, the crane renter, that there is an extreme imbalance between crane supply and demand and he wants to know whether to buy Manitowoc (MTW:NYSE - commentary - research - Cramer's Take). I don't tell individuals whether a stock is appropriate for them, but I would ask, simply, "What is the point?" If the fundamentals mattered, Halliburton (HAL:NYSE - commentary - research - Cramer's Take) would be at $90, Nabors (NBR:NYSE - commentary - research - Cramer's Take) at $40 and Caterpillar (CAT:NYSE - commentary - research - Cramer's Take) at $80.
How long can that last? I don't know, anyone remember 1987 besides me? When we had an options week like this where the market just kept rolling over and it was the worst week ever, until the next one?
No, I am not saying we are in crash mode. I am saying that many stocks, including stocks that have been up a lot because of commodity demand, are being killed. They are being killed because the speculation must cease. If someone from the Fed were on that H&E call, he would be saying, "Let's take rates up 100 basis points in an emergency meeting before things get too out of hand."
Let me use the example of Foster Wheeler (FWLT:Nasdaq - commentary - research - Cramer's Take), which may be, pound for pound, the worst-trading stock I have ever owned. Here is a company that this very week told you that things were better than they have ever been, that the balance sheet is great, that the order book is huge and that it is in shape to, if it wants, do a buyback.
Who cares?
Good grief!
Or Halliburton, which is buying its stock back hand over fist. No one wants that sucker. Or Alcan (AL:NYSE - commentary - research - Cramer's Take), which reported a gigantic quarter, first in years, is printing money, and is getting sold off as if we are in a recession!
Right now, the fundies are not in control. The ETF selling, the obvious margined selling -- seem reminiscent of 2000 again, except this time it is in the titanium and coppers? -- and the panicked selling of those who fear a crash, even as we get it, are in charge.
I am almost tempted to tell you to stop focusing and just wait until we are down another 500 points on the Dow to do more buying. Really wide scales.
But I see stuff that is too cheap and I can't resist.
Picking and then waiting for another level.
By the way, there are tons of people who are second-guessing the strategy of picking on the way down, including some on this site. But if it's such a losing strategy, why did it make me so much money, including during one crash, one mini-crash, two meltdowns of the Nazz and the financials and in 2001?
But that's the way it goes. I have thick skin.
At the time of publication, Cramer was long Halliburton, Foster Wheeler and Alcan.
cramer said bottom at least 5 times on stop trading. he is getting hard to fade because he flip flops so many times.
other than the obvious "fade the mad money pops" - which aren't really fading cramer so much as cramer monkeys, ESPECIALLY when cramer says DON'T BUY AFTER HOURS, don't pay up a point, etc...
the time to fade cramer is when he absolutely, positive pounds the table on something. an example of that is his infamous february 2000 nasdaq call - where he said nothing else was working, the only stocks to buy this week, next week and the rest of the year were these 10 net companies.
i think he gave one of those calls a week ago. his minerals call on mad money, where he said this market is tougher and tougher, and these are the only stocks you should get.
it used to be much easier to fade cramer when he had less cnbc announcements. if he ignored / bashed something for a long time, and then finally became a convert, it was near the end of the run (remember TASR?) or the 5 stocks you had to own, which tanked like 20% in a couple weeks...
but you're right as a rule - when cramer is having to post / say something so much, and changes his mind so much, it's not easy to fade him - OR buy because of him.
the time to fade cramer is when he absolutely, positive pounds the table on something. an example of that is his infamous february 2000 nasdaq call - where he said nothing else was working, the only stocks to buy this week, next week and the rest of the year were these 10 net companies.
i think he gave one of those calls a week ago. his minerals call on mad money, where he said this market is tougher and tougher, and these are the only stocks you should get.
it used to be much easier to fade cramer when he had less cnbc announcements. if he ignored / bashed something for a long time, and then finally became a convert, it was near the end of the run (remember TASR?) or the 5 stocks you had to own, which tanked like 20% in a couple weeks...
but you're right as a rule - when cramer is having to post / say something so much, and changes his mind so much, it's not easy to fade him - OR buy because of him.
i heard - though i have nothing backing this up - that acampora's best calls were never made public, that they were given to privileged clients.
the calls which we heard about - which marked perfect turning points as ralph capitulated in either direction - were notoriously terrible.
it's unfortunate, too, as i've only heard people say good things about him.
the calls which we heard about - which marked perfect turning points as ralph capitulated in either direction - were notoriously terrible.
it's unfortunate, too, as i've only heard people say good things about him.
he isn't called ralph make u poorah for nothing.
Cramer's reinforced buy on FWLT after the close (on Mad Money), I'm taking as an indication of a short-term bottom.
Incidentally, for anyone who trades the brokers, I think they are a long here. The averages will continue to be held down if selling in the commodity complex continues, which will hold down GS, BSC, LEH because of thier high correlation with the Dow and S&P. However, my feeling is that any bounces in the averages will be amplified in the brokerage stocks and any selloffs, IMHO, are great buys in the brokers.
mr mkt is much, much bigger than jjc and his idiotic followers, any chance that the future is already discounted in some of these names (X,OS,FWLT,MDR,FLR etc..) the move in these guys had been parabolic already. Not trying to start a flame war, just an honest question