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Cramer Is Now Negative On Fins, Says To Bail On Citi "Which Can Now Break The Print Price", Goldman Sachs Is Bond, James Bond
Well that 180 degree turn didn't take long.
What do they want from Goldman Sachs? It reminds me of that scene in Goldfinger, when James Bond is on the laser table and he asks Goldfinger, "Do you want me to talk?" And Goldfinger shoots back, "No Mr. Bond, I want you to die."
No stock can withstand this assault. No banks can rally in an environment where any politician who defends them is a dead man.
AIG (AIG) happened. The Treasury made good on Goldman (GS) . The New York Times has written about it endlessly. If the Treasury had defaulted on these contracts to Goldman and others, the taxpayers would have had to pay so much more.
What's to say that the next thing isn't to break up Bank of America (BAC) because it has made too much money in mortgages, because the government should not have allowed the merger with Countrywide? Who is to say that we should not be breaking up Wells Fargo (WFC) for the same reason? You CANNOT OWN THESE STOCKS RIGHT NOW. This is too powerful a jihad, and that includes Citigroup (C) , which I think can now break the print price.
This populism will destroy the banks as we know them.
We know that.
It is ridiculous.
They cannot be bought, they cannot be owned. For now. One day, the smoke will clear and we can look at them again. But for now, it is just too trying.
The President and Congress are Goldfinger. In the end, you can bet on Bond, but he's have to do a real Houdini act to get out of this one -- and the banks never heard of Operation Grand Slam.
At the time of publication, Cramer was long BAC and GS.
Always good to keep things in perspective:
H/t Hedged In
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I was wondering when it would finally be time to buy some C. If Cramer is now telling me to sell, that must mean it's bottomed out.
Exactly. I would never think of touching this POS. However, knowing that this asshat says sell makes me think it's at or near time to buy.
Buy FAS now!!!!! This is an orchestrated short squeeze and Cramer is in on it. The GS prop desk will be gunning these names hard the next couple of days.
Apparently, "populism" is a bad thing and the truth is bad for stocks. Sheesh, what a load!
Love this part:
"At the time of publication, Cramer was long BAC and GS."
While I despise Cramer like the next guy, I must point out that he cannot just quickly alter his positions. I believe he has a charitable trust and he has to follow protocal. Certainly it's not advantageous for him to drive the price of the stocks down before he sells them...
I think I read somewhere that his CNBC contract states that his wife (used to be a trader at a HF where they met (Druckenmiller's??) has the freedom to trade any of the names and is not held by any of the disclosures as his "charitable trust" --- which BTW, is a tax planning tool and has nothing to do with altruism and helping others. It gets the assets out of his name for tax purposes. Therefore, the wife can trade around the names, in front of them, beside them, etc. irrespective of what he tells the viewers his "charitable trust's " position is.
I remember somebody calling in on BAC during the lightning round and that dick hit the bear button. That was back when it was five bucks. I'm glad I bought BAC then...
Did Cramer speak at 2:45pm today?
Maybe that explains the sudden reversal and rocket start?
?
Haha I love it. I knew there was a reason we closed higher today lol...
Cramer continues destroying money faster than Bernake/Geithner can print it!!
Maybe that's why Bernake isn't worried about removing liquidity.
+100
He is trying to reverse jinx it.
You know what's even better than Cramer? Citi equity recommendations. When citigroup will downgrade citigroup to sell, you know it's time to load the boat.
What a twit! Holding C as a perma-call, at these prices, is far from the dumbest idea out there...
Cramer goes back and forth more than Peter North's ass.
http://maddmoney.net/jim-cramer-video-bullish-on-citigroup/
Call on what? It's a $91 billion company with a shitload of shares O/S and a big seller waiting.
These idiots on CNBC say "why not hold for $10 for Citi and $40 for BAC". At $10, C would now be worth $285 billion. At $20 (price area before it finally fell off the cliff), $570 billion! Such market caps (obviously the second is ridiculous) would put the apparently shittiest major bank in some pretty exclusive company.
Well, Prince what'shisface threatening pandit the bandit the other day only to hear that bonus equities can be cashed out in april, hell, how many swords can one bank have hanging over its head. Pandit is a loser, that's all I need to know.
jeeze, lol, goldman did a 180 at the bottom of it's average daily trading range on 2 times daily volume, unless overseas tanks, and someone comes in and bears it down, the volume on gs, xlf, spy, iwm, all say up
I'd say that xlf looks pretty bearish to me! Of course, that's just my take on their TA. Maybe it'll be up in the near term, but I wouldn't get caught holding that bag when the real leg down starts.
banks.will.tank.
What a maroon.
http://www.youtube.com/watch?v=C_Kh7nLplWo
I wish Cramer would go take a drive by the `grassy knoll` of Dealey Plaza....
Tyler and Marla (snipers).
It is just Cramer being a drama queen to get "Cramerica" to call their senators and complain.
"No Mr. Bond, I want you to die"..... Classic, I do love that scene.
Cramer's a douche and we know it, he's just covering his ass so he doesn't have to show up on Jon Stewart because someone set his house on fire after they didn't "get back to even". He's turned bearish like 5 or 6 times just to flip two days later.
DAMN! As I write this the 5 year hit 2.44.... WTF? Anyone wonder if bonds are under attack right now? lol.
This must have been written for cnbc and cramer:
Taibbi Assaults Criticizing Wall Street = Populism Meme
One of the things that has been driving me crazy about MSM coverage of the latest public demands for tougher reforms of Wall Street is that they typically engage in subtle or not-so-subtle demonization of the critics. It is a blatant effort to put the shoe on the wrong foot. No, it isn’t that the financiers managed to drive their own firms over the cliff and take the global economy with it, yet come out even more profitable than before by skillfully looting the public purse. Heavens no, can’t look at the facts at hand. No, the fact that a normally disinterested public has woken up to the fact that they were had is turned on its head. How often have you read that the reason for renewed reforms headfakes is that the public is “angry.’ Obviously, by implication, anyone who is emotional must not have sound judgment. so the anger by implication is not warranted or at best overdone.
http://www.nakedcapitalism.com/2010/01/taibbi-assaults-criticizing-wall-...
I call it "Road Rage Syndrome." Society prefers to
wag their finger at the guy who loses his temper
because another driver (texting while eating a hoagie)
almost kills him. We should concern ourselves with
punishing and changing the behavior of the
perpetrator.
Seems to me that the most successful traders ARE NOT ON TV! But I do love Art The Man Cashin. That dog knows his shit.
Watchin' BO on the tube now. What an "I Love Me" fest. He's even doing his preacher speak! Feel good, and no substance.
Decades of worthless calories.
We're on our own. Get smart. Get to work.
Seems to me that the most successful traders ARE NOT ON TV! But I do love Art The Man Cashin. That salty dog knows his shit.
Watchin' BO on the tube now. What an "I Love Me" fest. He's even doing his preacher speak! Feel good, and no substance.
Decades of worthless calories.
We're on our own. Get smart. Get to work.
Citi = 'to big to fail' and Uncle Sam has your back. Buy,buy,buy.
Talk about Operation "Grand Slam". Maybe since that starts with GS we should apply that moniker to this whole fiasco? Marla/TD any takers out there?
BUY BUY BUY!!!
Oh damn... the Cramer curse!
I must cover my short now!
Cramer said everyone should have 10% of their portfolio in gold and 25% in international. I'm getting worried I'm on the wrong track ( from a Cramer contrarian standpoint)
Not that it matters much, but it wasn't "Do you want me to talk?" and "I want you to die." It was, "Do you EXPECT me to talk?" and "No, Mr Bond, I EXPECT you to die."
And hate to tell all the Cramer haters but the guy is right occasionally. And it's comical that the people on this site are now hating on a negative bank call! Lemmings.
A counter trend rally started on Wed 27th: aka a dead cat bounce.
UPDATES:
http://www.zerohedge.com/forum/market-outlook-0
Cramer's sell calls have been generally more accurate than his buys
Did you ever think that after the Scott Brown "go long" embarassment that he might just get an "Atta boy" to make everyone forget about the blunder?
I know he blathers. But you can't fool all the people all the time. Just saying. I too see a bounce possible but QCOM, US Steel, CAT are hurting. And XOM?
When Cramer does things like this, it's usually just the start of insider accumulations, or, in this case, insider short covering.
Like when he went on the Today show at Dow 10K telling everyone to sell. At that point, insiders were beginning accumulations and buying on the way down, probably ending up with an average purchase price in the Dow 8K area.
The clever part of this tactic is that it makes it seem as though Cramer is right.
I heard him refer to his Today Show sell call as one of the two best of his "Career." Apparently, getting people out 4000 points below the market high is top flight forecasting.
His issue with populism...about it being a bad thing...is so completely and utterly 180 degrees from where it should be. The idea that he believes the tax payer is better off having had uncle ben et al come to the "rescue" of these poor fins is so ass backwards. He's all about the moment....at that one moment in time perhaps the tax payer was better off going the uncle ben route, but that doesn't consider what the next moment will bring or soup line five years from now.
His whole argument is based on the assumption that (more?) govt can make things better and for that he gets a big F.
No, his entire argument is what's good for him and his
friends. Don't believe reverse logic merely applies
to his buy and sell calls.
Cramer's audience don't trade. They watch the show for the comedy. A bearish opinion by Cramer is likely an attempt to encourage buying. Trader's know that he is full of crap. His opinions are white noise. Doing the opposite of his recommendations consistently is bad strategy also.
Indicte Cramer!
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