And now for some late night amusement from head CNBC entertainer Cramer: "I lost my temper on Twitter this morning. The chatter was that I had put people in the market at the top and taken them out at the bottom. I have done a bunch of things wrong in my life and in my trading career, but that combination is not one of them. There were also the attacks on me about buying gold at the top. What am I supposed to do about this one?"...
What are we supposed to say about this one, besides: top ticking swiss watch.
As Cramer is nothing more than a (tragi)comedian, we applaud his collapse to the level of one Dennis Kneale, whose last gimmick before ending his CNBC career, was engaging the blogo/twittersphere. We are delighted that Mr. Cramer has finally "succumbed" to the same terminal level.
As for actually going through Cramer's desperate protest and refuting misrepresentation after misrepresentation, that action is certainly not worth our time: a mere google search should be sufficient.
By Jim Cramer
11/12/2010 3:07 PM EST
I lost my temper on Twitter this morning. The chatter was that I had put people in the market at the top and taken them out at the bottom. I have done a bunch of things wrong in my life and in my trading career, but that combination is not one of them.
There were also the attacks on me about buying gold at the top. What am I supposed to do about this one? I have liked gold for six years. I am not going to back away from it down $40. Let me go one step further: If I liked it last night when it was not trading and it was down $40 today, these newbies think I got it wrong. It would be wrong if it were up $40 -- then people would be buying a spike instead of a gift.
Twitter is not the format to debate this stuff. I just wanted to point out -- something that you can't do in 140 characters -- that I know I said buy at Dow 6500 because I did something I almost never do: I said "buy" because Doug Kass made a totally compelling case that it was a generational low! I had been saying that in a worstcase scenario we could go to 5000 and change, but I didn't think that was likely. [ZH: of course, let's not forget this]
Along came Doug, saying he had been a bear and he couldn't be a bear anymore. I freely and repeatedly said I was in agreement with his call.
That's why I find these critics so annoying. If you think I didn't say "buy," then you didn't think that Doug said "buy." That's point-blank false.
But they don't care.
As for gold, I have emphasized over and over again that gold is NOT A TRADE. It is an investment. One that has to be in peoples' portfolios.
So many think they have missed it.
You are getting your chance.
When you are public, like I am, you put yourself out there all the time. There is so much to criticize that I have done -- in the same way that anyone who has ever run a hedge fund knows that a lot of mistakes are routinely made.
You want to be never wrong? Never take a position. But you can never be right, either.
That's not called money management. That watching the arena, not being in it.
The Twitterers aren't even watchers sometimes, they are hecklers. While there are many, many more supportive people, there are many who have do not know the etiquette of money management. Saying someone said "sell the bottom" when they didn't is, in my world, simply like saying the Rangers won the World Series -- what a bunch of losers those Giants were.
Anyway, my point is that I have no patience with those who say the bottom call wasn't made. I know it was. I cribbed from it!