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Cramer Calls Market "Stupid, Rapacious, Arbitrary, Capricious And Downright Ridiculous", Tells Viewers To Stay Out
After catching a few soundbites of Cramer's spiel today, we were stunned: for once theStreeter did not lose his marbles over an engineered, 20 handle, 200DMA breakout rally. Quite the opposite. In what is likely a first, the Mad Money host actually told his viewers it is time to get out of the market: "I am calling this a bad rally. This market has now become more depressing than Ethan Frome. Even the good days are now bad days. It's almost as if the whole market is caught between 1st base and 2nd base. So we get an endless rotating short squeeze in oil, in the banks, in tech, in discretionary.... But once the shorts are done getting picked off, we've got no more reason to run. It is a rally that stops that a blast of future selling comes in. It is a rally that stops the moment the buyers just walk away. We used to have fundamentally based rallies - that's not how this market works." The 10 minute rant against the market by the legendary permabull is simply shocking: he actually describes all the different dimensions in which the stock market is completely busted and discredited in a way that makes us jealous: "This market is stupid. And it is hated for a very good reason. The market seems rapacious, arbitrary, capricious and downright ridiculous. It is a tale told by an idiot, full of sound and fury, signifying nothing."
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Is this reverse psychology?
Perhaps. More likely it is say whatever you can to sell more ads and be as sensational as possible just to keep your job.
That is why I have slightly more faith in ZH than CNBS. You always have to think about the agenda.
Best of luck to everyone in the financial markets. Methinks they are rigged.
Very likely. Cramer will probably backpedal in a side TV show, calling off his rants, telling that you shall stay in the markets etc...
Jim Cramer is a talented media worker. He manages to tell everything and its contrary in a short span and still keeps a sort of credibility. The man covers all possible outcomes and he is therefore always right.
When Jim goes off like this on the down side, the end of the world must be neigh.
What's that saying about a broken clock? And then there is the one about the blind hog.
Correct time and acorns aside, in the end you still have a busted clock and a useless hog.
Bacon anyone?
Every news item bad today, Jim? True. For a little spin just ride the WSJ and Bloomberg Tilt-A-Whirls.
Fucking makes me want to puke how these formerly-much-better-journalism outlets have been converted into Ctrl-C .gov bullshit/Ctrl-V .gov bullshit Pravda-like peace of shit rags.
Reuters? It's whitehouse.gov with content agreements.
Do they think EVERYONE is fucking stupid?
Do they think EVERYONE is fucking stupid?
Yes, they do.
They count on it.
And, unfortunately, they have been largely right... I doubt that even close to 1% of the population understand what's really happening and it will be too late when that reaches, say, 5%.
it would be interesting to know the percentage of the population that understands even the general gist, forget the minute, granular details, of, for instance, the revelatory (to me) welling interview of the themis partners featured this morning on zerohedge. and i was told in very cursory outline by a friend still in the business and managed to overlook it, even after the flashcrash, until it was set directly before me by the tylers. thanks.
that's why herb douchebag greenberg is back
on the air. that fuck.
I'll go ya one better: Ron Insana.
He really went off the deep end the other day calling Dr. Paul literally stupid about economics. Insana says gold won't work in backing a currency.... Blah, blah. Simply proving that RI knows diddly about how an economy really works -- one that is not manipulated into a bloody pulp.
+1, I can't read Bloomberg anymore. Google news is just as bad, which I find incredible considering it only aggregates the newspeak.
If I were you I wouldn't trust google with anything. IMO the biggest NSA front by far. Can't believe they got this far with this much market share while maintaining their reputation for being cutting edge, trendy, and concerned with privacy.
Max Keiser (if you trust him) was quoting a news story today that said British Petroleum had bought the rights to search terms like "oil spill" from Google so they could direct the traffic to favorable links to British Petroleum.
I think Cramer meant "it's outrageous, egregious, preposterous".
This is a job for Jackie Chiles.
http://www.youtube.com/watch?v=9Ifgj8WXp8w
+863.
...Hmm...
If you're using the CCI (Cramer Contrary Indicator), time to buy!
Get Creamer to beat down the prices for ya?
You probably didn't mean it but that comment got me thinking of Paula Creamer.
I was thinking the same thing.
When Cramer says x, then it is time to do x^(-1)
Ted,
This is true and is somewhat old news now. I would love to know how much they are paying for those keywords. I bet they are not cheap.
That wasn't just Max. I read it in Reuters.
Any one can buy the phrase for search advertising if they are willing to bid up the price - nothing new here. Market prices and not a conspiracy.
Guess what was the most expensive phrase to buy in online search over the past ten years aside from some minor up or down swings - mesothelioma.
And again that is not a conspiracy but looking at what companies or individuals are willing pay for search ads is interesting.
Max is factual about this. It is multiple sources and BP said they did it to 'get the facts out' through their prism.
Big Broogle
Gary! Love ya man.... Here is some of your best stuff:
http://www.youtube.com/watch?v=dFkocn--ybM
Very well said.
Agreed! But I would much rather see a Ctrl-Alt-Delete of the whole corrupt system!
+10000, Hedgeless... the media copypasta mentality is worse than Pravda because the sheeple of the USSA actually think they're free, whereas the denizens of the Soviet Union knew that their lives continued at the whim of their overlords.
Soviet citizens also knew that every second person was probably a stukach (and post-breakdown, a lot of shallow graves appeared in forests outside Russian cities... being a whip-kisser can bite you on the ass when the whip hand changes). That young military kiddie who shopped himself to that 'hacker' dude found out about stukachi the hard way... and I hear on the OrgA grapevine that the hacker will find out about shallow graves in due course.
Cheerio
GT
OK, you sent me to Google (I love that about the comments on this site) and what I found chilled my bones.
From the common slang word stukachestvo, stukach was widely used in the Soviet period to describe "squealing," or informing on people to the government authorities. The word is evidently derived from stuk, Russian for the sound of a hammer blow.
The government, and especially the security police, in all communist-ruled or authoritarian countries, depended on informers in order to keep tabs on the loyalty of the populace. In the Politics, Aristotle had observed that tyrannical regimes must employ informers hidden within the population in order to keep their hold on absolute power.
In such countries as the USSR, Nazi Germany, Maoist China, Cuba, and so forth, informers were sometimes made heroes by the regime. Thus, in the Soviet Union, Pavlik Morozov, a twelve-year-old boy living in the Don farming region when Stalin was enforcing collectivization of the peasants' farms in the early 1930s, became a stukach. He informed on his parents when they allegedly concealed grain and other produce from the authorities. The boy was killed by vengeful farmers. He was thereupon iconized as a martyr by the communist authorities. Statues of Pavlik sprang up throughout the country.
The Soviet writer Maxim Gorky urged fellow writers to glorify the boy who had exposed his father as a kulak and who "had overcome blood kinship in discovering spiritual kinship." Another well-known Soviet novelist, Leonid Leonov, depicted a fictitious scientist of the old generation who as a stukach had nobly betrayed his son to the authorities.
Stukachestvo was expected of any and all family members, schoolchildren, concentration-camp prisoners, factory workers - in short, every Soviet citizen, all of whom were expected to place loyalty to the State above all other linkages.
Bibliography
Galler, Meyer. (1977). Soviet Prison Camp Speech: A Survivor's Glossary: Supplement. Hayward, CA: Soviet Studies.
Heller, Mikhail, and Nekrich, Aleksandr. (1986). Utopia in Power: The History of the Soviet Union from 1917 to the Present, tr. Phillis B. Carlos. London: Hutchinson.
Preobrazhensky, A. G. (1951). Etymological Dictionary of the Russian Language. New York: Columbia University Press.
—ALBERT L. WEEKS
http://www.answers.com/topic/stukach
I have pimped for awhile now, the comparison done in 2006 by Dmitry Orlov, "Closing the Collapse Gap: The USSR was better prepared for collapse than the US". Your stukach reference reminds me yet again of Orlov's prescience, and if anyone is interested, here is the link:
http://www.energybulletin.net/node/23259
Yep. The US is full of state-worshipping bitches. If anyone had any delusions about the "tech community" being a bulwark against the predators, this Lamo slime has exposed not only himself but the culture that has grown up around Wired and websites like it.
I've pimped his books before, but James Bamford's A Pretext for War (http://www.amazon.com/Pretext-War-Americas-Intelligence-Agencies/dp/0385506724) lays out how the regime over-rode its own spy agencies to invade Iraq and Afghanistan.
There's no way to be certain, but chances are that Manning was allowed to leak. If there's one leaker, there's liable to be more.
I know that the intelligence agencies have been rather diluted of talent over the years, but at least some of them must know that their paychecks will bounce. And that Putinism is unlikely to take hold in the US, leaving the "exit strategies" for spooks rather close to non-existent.
"The US is full of state-worshipping bitches."
I think many 'western' nations are. (Aus is, and Canada. Don't know about Europe or UK.)
It's testament to our media & educational propaganda, that it has successfully convinced so many of us that we are 'skeptics' and 'cynical' (to use Cramer's self-description), while we believe and trust the State much much more than the Soviets did. That scares me more than anything else - not the belief in state propaganda, but the trusting reliance we have on its information and protections. No wonder so few seriously oppose the expansion of government.
That said, Orlov points out several times how a bloated government in the USSR, with its waste and inefficiencies, actually cushioned the population from the worst effects of a private economy collapse. They trusted their government less, and had more services from it; we trust our government more, and rely more on private industry which, when it collapses, will leave us without recourse.
Interesting link re: the intelligence agencies. Will have a look about for any of Bamford's writing on the internet, to sample. Any articles of his that you recommend, that I could check out now?
Those that "believe" the most are going to get hurt the most.....
To take a small example:
I took a look at the Huffington Post today - as I do from time to time, altho not very often as I don't find most of their stuff very useful. But just to sound out the general herd a bit - HuffPo & Bloomberg are my MSM. :-)
They had a post critical of Obama's oil spill speech. Didn't outline any solutions apparently. (Now there's a shock.)
But so many comments on there were along the lines of, "You need to show respect for your President!" and "What do you expect him to do, solve it? That's too much! You need to support him!"
Comments that were more in keeping, to me, of monarchy rather than democracy...I've noticed this many times, there and some other places. Here too, in the way people treat those (few) of us critical of the government or corporates. Here, it's more quiet suspicion, blank avoidance than outright rebuke.
Skepticism of goverment or corporate motives (or outcomes) does not tend to be welcome.
I find this the saddest characteristic of our serfdom. Not the poverty. Not the replacement of real wealth, and even fiat money, with debt. But the acceptance, and even encouragement, of our leadership to do this.
I would rather live in the Soviet Union described by Orlov, where it was common accepted knowledge that goverment and corporates are NOT on our side, than in this pretence.
'Belief' / 'faith' / trust is for religion-based monarchy, not for people who are supposed to be SERVED by their government.
Yup! Just when did Amerika start electing "Kings?!"
There are poor people on this board? Gimme a break. There are people who thought they would end much richer when they started to play the game (hence their frustration) That does not make them poor.
Sorry, Anon...I looked at my comment again and it was misleading.
By 'here' I meant Australia, where I live, not Zero Hedge.
By 'us' & 'our' poverty, I mean our general national population, not the posters & commentors here.
Apologies for being unclear.
Americans still live the dream, believing that their President and government still walk the walk of Jefferson, Washington Lincoln and Adams. Unfortunately, the reality that they live is poles apart from the grade school plays and the history lessons, that are drummed into them about Constitutional Government and Liberty.
What ever happened to the ideal of small government, gold and silver as money to restrict its size, and let's not forget that barbarous relic; The Bill of Rights.
Smoke another bong and pump up the volume brothers and sisters. It drowns out that infernal noise, .............. and you know that you hear it.
It's the voice of your founders calling you to arms.
Here's one of his Times articles on the NSA: http://www.nytimes.com/2005/12/25/weekinreview/25bamford.html?pagewanted=print
Here's a review of Body of Secrets: http://www.schneier.com/essay-103.html
An interview with Bamford in Mother Jones: http://motherjones.com/politics/2008/09/qa-james-bamford
Yeah, you're right. I need to get that book. The NSA is horrifying to me. I'm actually surprised that the NY Times got away with reporting on it. I guess it's safely out of the public eye now, as it has been since 1952...Bamford is probably used to living very very carefully by now.
Two quotes from the interview stood out to me:
"The hardest thing to fix will be the reputation of the United States around the world. It'll probably take a generation before it gets back to where it was in the pre-Bush years. The US is now seen by a lot of people as the Soviet Union of the 21st century, and undoing that will be key. If we want to prevent terrorism in the future we've got to change the image of the US as a country that doesn't regard anybody else's views around the world and answers every question with evasion. If we get an Obama presidency, it might speed things up a bit."
"Our reputation, maybe. I think part of it is truly irreparable. There are people who never suspected the United States would engage in such things, and now until the day they die they'll have an opinion that will be cynical of the United States. No matter what the next president does, the person can think, "Well, who's going to be elected after him?" We had a Richard Nixon and we've still got a George Bush. And we're still going to have somebody after that. So there are aspects that are truly irreparable."
My view of the 'western' world is becoming more and more jaundiced, as I see a growing fascism although there are certainly comparisons to be made as well with the Soviet Union and its attempts to control and monitor its population, as well as our the growing gulag/prison populations.
I don't see fascism and Soviet cultures as opposites. I forget who said it (I think it was a commenter here), but I agree with the thought that BOTH Soviet and fascist cultures are 'left-wing', and the real 'right-wing' is an emphasis on individuality, and very limited government. To me, Soviet and fascist regimes are the same side, and I see the west as falling into this shadow more and more quickly. While the US is easy to identify as the leader of this shift, just as the USSR was in the last century, I do perceive that the whole 'western' world is passing into it. I think the 'free west' is behind us, in the 20th century.
Sorry if this comment rambles some. Just read the articles and still sorting out my response.
so the last right-wing u.s. government would be calvin coolidge's and, before that, one prior to lincoln. rare as hen's teeth. it is interesting to see the (now preposterously high) hopes that bamford had for the "new" administration of obama. seems like it was just yesterday....
He wasn't the only one, jeff montanye.
I watched the election results and drank champagne, along with you guys in the US, on that November 2008 election day. I wasn't much for Hope but I really thought, with Bush gone, there would be some Change.
Such a naive little girl I was then.
Four seasons in one day -- every damn day!
re: "fascism & communism are both left," I'm three chapters into Jonah Goldberg's Liberal Fascism, and while 80% of the book remains he's got me absolutely convinced of the same.
All of this social upheaval and "state over individual" happened already in the 1910's and 20's (Russia, Italy, Germany, Coolidge's Progressive Party in 1918 [Podesta's Center for American Progress in 2010?]), only difference being that the Fed was infantile then, whereas today we're all drowning in debt and have 90 years of academic and media infiltration that's warped our views. Losing battle I fear. But a great read.
Thank you for another book recommendation. On my Find list.
So let me get this straight: Lamo is the slime, and not Manning? Unless you're an anarchist, I'm having a hard time understanding your point of view...
Manning, who for all intents and purposes has been recruited as an agent to funnel top secret diplomatic and military information to Wikileaks, apparently has enough of a crisis of conscience to want to talk to a fellow "outlaw" about it, so he seeks out Lamo after reading an article about him in Wired.
Lamo, who is on parole and probably has to report this kind of encounter anyway, discloses the information to the FBI when he realizes the scope of what Manning has done.
He also, however, makes sure Wired gets a copy, to make sure the whole thing is made public, and his side of the story gets out. Wired then publishes a series of articles about it on their Threat Level blog, which is an appropriate audience, given the subject matter:
http://www.wired.com/threatlevel/2010/06/leak/
http://www.wired.com/threatlevel/2010/06/state-department-anxious/
http://www.wired.com/threatlevel/2010/06/wikileaks-chat/
http://www.wired.com/threatlevel/2010/06/conscience/
Now I'm not saying that the FBI might have censored what Lamo could share with Wired after the story originally broke, but I'm having a hard time understanding how Wired is somehow "complicit" in all of this? It seems to me that if they were part of "the establishment" they'd squash the story.
Just my two cents.
Threat Level and Poulsen are just paranoid propagandists.
If you're releasing an article and the only source that you spend any time with is Lamo, then you're just doing PR for the government and its stoolie. That's some bullshit journalism.
I have no idea how some people can boycott Coca-Cola when one of its managers in a foreign country puts a hit out on someone, but when it comes to the government, with a multi-century record of wanton murder and torture (often of its own citizens), they just zonk out and wrap themselves in the flag.
If you read primary source documents from the 19th century, there's nothing like the craven statism that you have today. NYC rioted when the Union came up to draft people.
i even remember a few riots from 1968-70. some got shot and a few fires and bombs were set. as i mentioned to a college senior recently, if more of you understood what the government's response to the "financial crisis" really meant for your generation, there'd be a million of you in washington getting tear-gassed.
Yup. Unfortunately they have been dumbed down to door knobs. I wish I had seen your post, before I posted above.
Let me start by saying that I agree that most of the uneducated masses are essentially "sheeple," and that it is indeed hard to seperate the propoganda from the facts in the MSM.
But when you have Manning, in his own words and in a way that can be verified, admitting he stole much more from the military than just the information about the Apache helicopter incident, there's something newsworthy going on there. He is not just a "whistleblower," as Wikileaks prefers to call him, he is in fact acting as a spy within the US government on behalf of Wikileaks.
As for Lamo's and Wired's role in the story, they were taking advantage of a prior relationship, and that's just how the story broke. If they're proven wrong (which I doubt will end up being the case), they'll have egg all over their face and Manning can sue the heck out of both of them.
"Let me start by saying that I agree that most of the uneducated masses are essentially "sheeple,""
It's not just the uneducated that are the "sheeple". I find this statement deceptive and I disagree completely because:
"The greatest enemy of knowledge is not ignorance, it is the illusion of knowledge"
My first comment here.. I've been enjoying this site for a few months.. Great work, Great comments!.. especially by Chumba.. :)
PS. by the way.. I am quite educated..
Nice post, Renfield. I like the quote in the Orlov article by Solzhenitsyn
"Don't believe them. Don't fear them. Don't ask anything of them"
Good advice from a guy with ZH in his name.
Fabulous thread!! No trolls, no junking. The Internet at its best. Thanks to you all.
I've got a lot of reading to do -- so much information, so little time.
Yup...ultimate buy signal.
No, but hell just froze over.
I think Cramer finally had a nervous breakdown. Either that, or he's taking Rush Limbaugh's lead and he's turned to drugs.
Cramer is out? Dow 15000 here we come! On 10000 share a day volume.
Remember at the march lows cramer and Donny deutsch told everyone to take out 5 yrs worth of money out of the market. I went all in
Since Cramer says we should stay out, does this mean it's time to jump in and start buying GOOG again?
Just trying to be contrarian here.
Nah. I think it is actually a sign of the apocalypse (LOL). Holy crap. When pump monkey #1, who is arguably a smart man, bites the hand that feeds him, things are not good. Wow. This qualifies as an official "run for the hills" for the retailer and everyone behind him. Yet SKYNET does it's thing in plain sight. Someone give me a blue pill, I want back into the matrix thanks.
When pump monkey #1, who is arguably a smart man, bites the hand that feeds him, things are not good.
Exactly!
A smart man? More like a shady 'for profit only' shill. In that context, yes he is smart. But as a market forecaster he is anything but...
I know, half kidding, right? It gave me the chills, not because I learned anything new, but because of what it might mean. Does this mean we're reaching critical mass toward the tipping point where enough people are waking up to their nightmares?
Yes. I think so. Critical mass.
Takin the blue pill just makes me wanna hump somethin.
LOL. I thought it was more like to stop the humping! My ASSets hurt.
Center, better to be the humper than the humpee. No charge for that...
Location, location, location...
"Since Cramer says we should stay out, does this mean it's time to jum in and start buying GOOG again?"
Even Harry Wanger has come around. Sorry to insult Harry by comparing him to Cramer.
TO Cramer: "Welcome to the desert of the real." (with apologies to Morpheus)
I'm net long, soon to be short. Was net short, before going long.
Must be time to go all-in.
Take a second mortgage on the house...
Too late.
If he was more honest this way on a consistent basis, heck I might start watching his show again. Maybe, just maybe, he can get some credibility back. Tell the people the truth not a sham is all he needs to do.
His job must be in jeopardy with Goldman.....
he states the view of a blind man. he wants his credibility back. or should i say his boss wants his credibility back. don't buy this horse.
Listen to the portion of the show that immediately follows the rant - Jim proceeds to tell his caller that the housing market bottomed in June of 2009, exactly as he called it, and mortgages are what's keeping big banks afloat.
Fail.
Cramer spits out a little truthiness from time to time to sucker in a new bunch of "investors".
Don't fall for it.
The only thing he missed was the connection of the dots.
Is that what a SEC investigation will do to ya? ......Nah, maybe a fifth of liquor!
LMAO!
+750ml
PLUS! Its Granny DJ who made the comment. My night is improving.
(cheeky called her Ruth so she's real deal for me)
I can't believe my lying eyes!
Wow, way to go Cramer!
I love how all the smart zero hedgers instantly see this as a setup to the contrarian bet. honestly WHO KNOWS???!
about time Cramer speaks the truth on this atari 2600 market, Kangaroo was the best game ever.
I thought River Raid was better..
River Raid? What kinda pussy are you?
PitFall...now THAT was riveting...kinda...well, not really now but you know...back then...kinda
He forgot to mention the 'car people' !!
It's bad juju to mention the car people....
It's bad juju to mention juju.
Jujube?
http://en.wikipedia.org/wiki/File:Jujubes_on_yellow_plate.jpg
0h God, not the juju...bad medicine.
interesting chart here showing correlation between QE and S&P by James Turk:
http://www.fgmr.com/signal-from-the-stock-market.html
Cramer just wants ratings and viewers, and he ain't got any on CNBS. So ZH brings him on here and POOF.... millions of eyeballs. He is doing what he needs to do to remain popular.
....and send fkn Geithner to jail!
+ 10^10
Yes...DO SOME GOSH DARN SELLING! But don't count on it: the stocks being pumped the most - the ones driving these ridiculous rallies - are held 90%+ by cash-rich institutional buyers who have no need to liquidate a so-far rising stock.
Thus it's not even a real market. You and me are not there, mom'n'pop investors are gone: it's fund holdings chasing stocks on nearly no volume and they will continue until they are once again in a CASH FLOW SQUEEZE. Or until dividends are cut.
Bring on October 2008 again and things will change.
Half right I think. Yeah it is just funds. But that is "dumb" and/or "desperate" money. Being forced into this rigged game because cash flow is already bad. Lambs to the slaughter. The next theft will be to strip pension funds, 401ks, etc. of nearly everything. Believe it or not, the looting of the middle class is not nearly complete.
They're not looting the middle class. The middle class never had any real wealth in the first place and in any case are largely responsible for the debt mess in which they now find themselves.
Yes, the "vampire squids", with the help of their governmental arm, ARE looting pension funds, bank accounts and retirement accounts but that's pretty well done too: now they are feeding on EACH OTHER, so when this stops it will be DOWN perpendicularly.
The middle class gets looted when half of every paycheck disappears before they even see it.
From what remains, some of us spend enough within our means to try to build savings, and I'm sure that'll be Barry's next target. Why shouldn't we be punished for trying to make the best of a parasitic situation when there are so many who deserve to be rewarded for buying a new TV and car every year?
Oh, you mean like Europe.
I initially liked the premise of the middle class never really having any wealth to begin with. Was "out of the box" thinking I thought at first. But making the leap to the debt mess being the on the same masses that never had wealth anyhow didn't connect for me. The leverage on the consumer is nothing compared to rot in the financial system. Likewise, it is the middle class that is the physical connection to the resources that is the real wealth being stripped in the first place.
Looting of pension funds is not complete yet. That is yet to come. Keeping a marginal lid on the equity market and bond market buys time here. Avoids the civil unrest that would destabilize the system. But surely, this is the dumb money that will take the next big hit - and will be a political disaster more than a financial disaster when it happens.
The sharks are not eating the sharks yet either, which is why the HFT ping-pong game continues. Right now, just posturing. It will come though. Right now, the vampire squids have juicier targets in currency trades and sovereign debt. When international liquidity dries up, that is when the fireworks start. Its all about cash flow. And cash flow is starting to look weak.
No offense intended . My humble opinion is that you are just early to the game (like most of us here) - just extra early. When the sharks turn against their own, we go right off the cliff for sure.
Yes.
Bring on October 2008 again and things will change.
It's coming. Credit will continue to tighten in Europe, the EUR will continue to be seen for what it is and be dumped and the "rich institutional investors" will realize stupid institutional investors are sitting on a powder keg a derivatives all pointed in the wrong direction. However, I do not take comfort in Cramer being on the same side of the table as myself...
i cant actually beleive im writing this but i agree with Cramer. I never though it would come to this. I always thought the day i told clients to listen to Cramer should be the day i stop providing investment advice. The world is truley a messed up place right now.
perhaps ZH attarcting more eyeballs than Mad Money has Cramer changing his tune. it was never about accuracy; its about eyeballs. when the market was ramping from 2003-2007, being a permabull won the eyeballs. if cramer thinks the market is now broken, and will reveal itself as a farce, he will maximize his profits (eyeballs) by declaring as such. you can bet Cramer will (almost) never be right on the market, but you can equally well bet that he will do whatever maximizes his own financial position. if the eyeballs are in pessimism, get ready to hear a lot more of "sell sell sell."
My guess is a giant confidence game. They make Cramer look like a genius and when all bets are in they clean up. Of course, in the end Cramer will be big-time wrong costing his devotees their life savings, but that never mattered anyway.
I have nothing against Cramer; he's undoubtedly a well-educated man. For him to smell smoke at a time like this, when the house is burning down all around him, is meaningful...
Because it shows that he has a functioning sense of smell? He's a little late on the reaction time...I'll take a 9v battery and a cheap smoke detector thanks. ;0
Nice performance. Take your money out of the bank. That's what they want is your bank account.
Well, well, it would seem that Jimbo now has all of his short positions in place, for his "charitable" trust of course.
I don't think he can short in his trust
Credit to Cramer for saying something that sounded sincere.
And, although I haven't liked his programme, he's been right over the last year - the market's gone up.
David
http://www.theonion.com/video/semiliterate-former-gold-prospector-given-...
Oh, my GOD!
Pigs are flying and hell froze over!
Cramer??!!
What the hell, did Cramer just slap me in the face! "Shit just got real"
Can this be a turn?
Except for the bit about housing at the end, this clip actually made sense.
PS. Damn, Marla fixed the 're-submit Captcha bug'. "Foil" is right.
Yeah, I couldn't ignore his claim that housing bottomed last year either. No it didn't.
I have found this research fascinating and eerie.
newsfrom1930.blogspot.com:
June 14th 1931
Market wrap: Stocks were unsettled in early dealings, with substantial selling attributed to nervousness over the German situation and special pressure on copper shares. However, rails led a resumption of buying toward noon, with leading roads pushing into new ground on the recent rally; volume was light but showed continued tendency to dry up on setbacks. Rail upturn strengthened in the last hour and started general short-covering movement, producing brisk gains in majors including AT&T, Steel, and Can; market closed with strong tone. Bond trading featured sustained rally in rail bonds, particularly lower grade; US govts. and highest-grade corp. firm while convertibles rallied late; German govts. down sharply but other leading European issues steady; S. American irregular. Commodities firm; grains strong, with wheat up substantially on forecasts of warm and clear Canadian weather; cotton up slightly. Copper sold at 8 - 8 1/4 cents, outlook seen weak due to higher copper inventories. Platinum has jumped from low of $25/ounce last week to $40; palladium also firmer.
Market observers continue to be optimistic; admit today's session could feature profit-taking but advise customers to take advantage of any reaction to accumulate standard stocks, on theory higher levels will be established next week.
Technical observers see indications stocks have reversed trend and entered a period of rising prices. Dow theory students point to Thursday's rail average advance into new rally ground, confirming the industrials advance on Wednesday. While near-term progress in stock prices is likely to be conservative since earnings in most sectors are showing no improvement, market technical position has also been bolstered by continued deflation in brokers' loans even during the rally; this is seen reflecting movement of stocks from weak hands to strong, or the opposite of Oct. 1929 when brokers' loans rose as the market started falling. Decrease in brokers loans in past week was a surprise to many in the Street, since market had rallied strongly. Market believed still largely under professional control; recent irregularity in narrow range attributed to split among traders, with some now working for higher prices but others remaining in the bear camp.
"On theory higher levels will be established next week"?
On what fundamental basis? Maybe none...
This will only end when two funds/institutional prop desks are trading back and forth with each other with some patsy pension fund as the third player...
you are so right guaranteed!
I thought the metals prices were a bit odd.
I had to read it twice before I saw the date.
Finally he says something worthwhile but who watches CNBS anyway ?.
OK, so thanks to Tyler, I watched Cramer for the first time today. Can certainly see why he is (was?) so popular! Reminds me of morning radio. He's likable, energetic, plain-talking, sort of presents the way I think of as "All-American". (Coming from an Aussie that might not mean much though!) He had me laughing out loud at some of his description of this idiotic market. (Yeah, it's just as idiotic here in Oz, just as pumped or ramped or gunned or whatever, just as disconnected from any on the ground reality.) LOVED IT.
Hated the last couple minutes though...housing is not that bad b/c 'we're a big country'? That was odd...
Anyway, thanks for the morning laugh! And it was really refreshing to watch, seeing even 'permabull' calling it like it obviously is.
EUR rallied y'day for 11 hours straight, then consolidated for 8 hours. Everyone is calling for more rally today so it looks like another BUY day when London opens. Or sooner - already it is creeping up again. Bad financial reports and bad Euro debt news flows like the river of death in the land of milk & honey, uninterrupted by a single positive breath.
I'll say this...today he sounded damn straight right to me. Does that make me a trading idiot? I feel like Alice in Wonderland, when I have to think about (Goldman/Cramer) 'contrarian indicators' and where the 'big bids' and 'big stops' are rumoured to lie, regardless of news, charts, or actual prospects of any of these 'investment opportunities'.
When Cramer was describing the stupidity of the herd...'He's driving there, so we're all driving there'...that was describing ME. It works until it doesn't, and I have to say even picking up a few pips here and there when the candles grow, feels like a really, *really* REALLY stupid way to make a living. Picking up crumbs that the big wheels let fall from their table, like a dog. If I thought a McJob would give me & my family anything we need - house, retirement, elder care - I'd go back to that in a second.
He's not popular. His ratings are a .1.
He has an audience simply because of the channel he's on and the time slot.
He's FUNNNNNEEEEE. Good ole Jim.
(Jim, get the @#$% away from wallet -- JIM!)
We have witnessed this spin before - 2007
http://www.youtube.com/watch?v=xzoYQ41Yd0Q
He is in another thinking mode. Move along, nothing to see here. Think TV ratings.
BOOOOOOOOOOOOOYAAAAA!
Cramer was merely singing to the choir that already left the room.
Come on, ES lost steam on this breakout and will be visiting the 1050 very soon. Poor Cramer got squeezed? The only thing we know is that lpw volume days are up days. Add it up with Brazilian kick off on world cup, then just algos playing "hot potato" for the rest of the day. Expect weakness on the following days.
So, Cramer was short today then? :)
He's likable, energetic, plain-talking, sort of presents the way I think of as "All-American".
Ahahahahahhaha. HHAHAHAHHA. HAHAHAHA. Euuu
C'mon, wasn't trying to insult you guys. I LIKE Americans! :-)
I just never actually watched Cramer before...
Your impression was mine as well upon first watching Cramer. But a continued diet of him makes for a skeptical viewer -- UNLESS -- you have half a brain. Properly called "sheepl" will follow him to the gates of hell because they are half-witted. You, on the other hand, will develop a certain callous that will allow you to discern the bull from the blather.
But buy the "candies". So let's see, I hate this market, but buy a handful of the most aggressively priced stocks in the market. Put that in the can't make it up pile.
Poor Cramer must have been caught out by this last little short rally. He's realizing that the viewers are figuring it out, and like the fluffer that he is, is down and dirty on his knees making sure that his suckas stay hard.
Damn!
That's the second time today I have that word.
http://neweconomicperspectives.blogspot.com/2010/06/fluffing-larry-why-i...
As a libertarian goldbug from the boonies, who has never seen a full Jim Crammer segment, that was ... awesome.
Poet, Prognistator, prophet of doom; mania, rhapsody. I cant even read that fast, let alone speak. That made me want to get cable.
I know how you feel...
Cocaine is a helluva drug!
</sarcasm>
SUPER FREAK!
That is your queue to go all-in, fully margined, 100x leveraged long.
Cramer quoting Macbeth. Oh the irony.
In response to the "reverse psychology" dilemma, it's the Battle of Wits from The Princess Bride:
"But it's so simple. All I have to do is divine from what I know of you: are you the sort of man who would put the poison into his own goblet or his enemy's? Now, a clever man would put the poison into his own goblet, because he would know that only a great fool would reach for what he was given. I am not a great fool, so I can clearly not choose the wine in front of you. But you must have known I was not a great fool, you would have counted on it, so I can clearly not choose the wine in front of me..."
Quite so!
Inconceivable!
CNBC appears to have taken the video down. It's approx 9:30 eastern time.
Cramer to be replaced by a big titted latina very soon. I believe her name is Melissa Caruso Cabrera.....
Well if the biggest boob on TV is going to be replaced, at least I can watch another boob with some 'real boobs'
I'm not so sure those are 'real'
Rochelle LaRuse O'Contrera!