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Presenting Cramer's "Massive Multiday Short-Covering Rally In Financials"

Tyler Durden's picture




 

First, myth from Comcast's financial clown channel (the actual source is more than clear): "this is a turning point, Buffett's bailout marks the beginning of a massive multiday short-covering rally in the financials." And here's reality...

 

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Thu, 08/25/2011 - 12:27 | 1600016 vast-dom
vast-dom's picture

Fuck you Cramer! You make turds look good!

Thu, 08/25/2011 - 12:28 | 1600023 spiral_eyes
spiral_eyes's picture

Buffett gonna take a MASSIVE haircut on that $5 billion.

Thu, 08/25/2011 - 12:29 | 1600033 TheTmfreak
TheTmfreak's picture

Maybe he thinks of it as one way of taxing the super rich?

Thu, 08/25/2011 - 12:57 | 1600228 Stumpy
Stumpy's picture

Interesting. On the other hand, maybe he will be able to deduce it as charity?

Thu, 08/25/2011 - 14:41 | 1600919 Fish Gone Bad
Fish Gone Bad's picture

Cramer talks a lot of shit.

Thu, 08/25/2011 - 14:43 | 1600927 Fish Gone Bad
Fish Gone Bad's picture

Fucking Cramer...

Thu, 08/25/2011 - 18:15 | 1601865 A.W.E.S.O.M.-O 4000
A.W.E.S.O.M.-O 4000's picture

Plus that wasn't cool when he used the "N" word in that comedy club a few years ago.

Thu, 08/25/2011 - 20:24 | 1602229 robertocarlos
robertocarlos's picture

Nortel?

Thu, 08/25/2011 - 12:58 | 1600234 egdeh orez
egdeh orez's picture

Jimothy Cramer Geithner

Thu, 08/25/2011 - 12:31 | 1600056 Abitdodgie
Abitdodgie's picture

Do you really think it was Buffetts money he used, or was it satans i mean Bens (well yours)

Thu, 08/25/2011 - 12:34 | 1600064 Earl of Chiswick
Earl of Chiswick's picture

and now Roubini creating a panic rumor:  that Paulson will have to start liquidating to cover his gold positions (which we know is a minor part of his aum)

 

" What if Paulson (Adv+ -39%) or other long lev gold 25x hit by margin calls? "

Thu, 08/25/2011 - 12:44 | 1600131 eisley79
eisley79's picture

you cant take a haircut when you own perferred, and OBama has already promised a bail out to you in private.  #crony-winning

Thu, 08/25/2011 - 12:36 | 1600082 True.North
True.North's picture

Maybe, maybe not. With preferreds, he obviously will do pretty well in the event of a bankruptcy. This is probably another bet on the US Govt providing a backstop to the banks.

Thu, 08/25/2011 - 12:45 | 1600144 Eagle Keeper
Eagle Keeper's picture

Of course he won't take a haircut. After all, since they are TBTF Buffettttt will be made whole....  by us!

Thu, 08/25/2011 - 13:15 | 1600344 Oh regional Indian
Thu, 08/25/2011 - 17:55 | 1601809 Hephasteus
Hephasteus's picture

There is no us. The taxpayer is gone. The pensions are bled dry. Which is why it's taken so long to double dip. Buffet's probably in better shape than blackrock-blackstone-blackops. But a couple more disasters, hail, will do him in. 10 billion in premiums can set him up for 200 300 billion in risk.

It's the whole social security scam. It was really just another tax but it's turning into a huge money counterfeiting operation. Same thing with goverment pensions.

Apple stores can "pretend" to get a shipment of some gadget and sell 200 of them when the doors open but the reality is the stores wharehouse is filled to the rafters. This is an artificial supply demand creation profile similar to walt disney that doesn't print any dvd's for years then prints a bunch at inflated prices.

But the opposite is happening in insurance. The supply is too great and the demand is too broke to afford premiums that would work.

All we need now is a deathlock bracelet. With a threat from it's wearer to axe murder anybody who offers them medical attention or first responder attention. And the system is fucked.

We are auto glutted, construction equipment glutted, computer and computer gadget glutted and insurance starved. When the insurance companies start marking to market on weak ass payouts.....

Thu, 08/25/2011 - 12:47 | 1600164 curbyourrisk
curbyourrisk's picture

Buffett taking a haircut???

 

You better do some research on that...  Who is to say he is not massively short from above $10???

 

Locking in a buy at just over $7......not a bad way to gaurantee yourself some profits.... 

Thu, 08/25/2011 - 12:52 | 1600190 Eagle Keeper
Eagle Keeper's picture

You're probably right....

 

Buffett just pisses me off because he's twice my age and still has hair....  being bald sucks, well, the hair kind, but at least I still get some. Surely that old fart can't anymore....

 

Thu, 08/25/2011 - 18:45 | 1601949 eurusdog
eurusdog's picture

What do you mean...he's in the process of fucking you, me and every other tax payer in the US. I would says he's gettin his!

Thu, 08/25/2011 - 12:52 | 1600189 ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

A later day depression era JP Morgan if there ever was one, strutting across the stock market floor buying everything in sight for 10% over the asking prices so that the plebs may bask in the light of his radiant confidence.

 

He will also have the same long term effect.

Thu, 08/25/2011 - 13:18 | 1600369 LongBalls
LongBalls's picture

The Fed. backstopped his investment. Bet your little buns on it! This crap is amazingly evil. Free markets are dead. RE-INSTITUTE GLASS-STEGALL NOW !!!!!!

Thu, 08/25/2011 - 13:54 | 1600592 GubbermintWorker
GubbermintWorker's picture

Nah, I'mn sure Uncle Ben has his back on that one!

Thu, 08/25/2011 - 15:17 | 1601089 FlyPaper
FlyPaper's picture

I agree with the sentiment, but you *really* don't think he did this without recognizing that too-big-to-fail would kick in and prevent him from losses, do ya?

Thu, 08/25/2011 - 12:29 | 1600017 Earl of Chiswick
Earl of Chiswick's picture

what is Roubini's motivation to call Gold bugs "Freak neo-nazis"

Thu, 08/25/2011 - 12:31 | 1600049 fuu
fuu's picture

Coke?

Thu, 08/25/2011 - 13:56 | 1600610 SheepDog-One
SheepDog-One's picture

Vaginas on his apartment walls?

Thu, 08/25/2011 - 12:31 | 1600057 UGrev
UGrev's picture

Dealing with ones' own failure at life causes one to project that failure onto others in many ways. One of those ways is to ridicule those of whom you understand to be correct. Even worse is when you're proven wrong by hacks without PhD's. That would cause someone like Bimbini to go bat-shit crazy at the detriment to his own credibility (what's left of it).  In other words.. the last throws of a dying man trying desperately to remain relevant. 

Thu, 08/25/2011 - 12:39 | 1600094 Sophist Economicus
Sophist Economicus's picture

Well said, Sir

Thu, 08/25/2011 - 12:41 | 1600108 UGrev
UGrev's picture

Thanks.. but like Fuu said.. it could be the Coke too :) perhaps a combination? or maybe the failures led to Coke binging and the start of the downward spiral. Who knows.  Either way, last nights ZH vs Bimbini twitter fight club match was precious.. :)

Thu, 08/25/2011 - 13:00 | 1600103 RockyRacoon
RockyRacoon's picture

Fear.   How would you feel if your world views were being trashed day after day?   Wouldn't you find something/someone to beat on to avoid looking at your own shortcomings?   Human nature.

 

Richard Bove says Bank of America Has ‘No Reason’ to Raise Capital

Bank of America Corp. (BAC), the U.S. lender that lost half its market value this year, has sufficient capital to weather mounting costs tied to souring loans, said Richard Bove, an analyst at Rochdale Securities.

“Bank of America has so much cash on its balance sheet that it could pay back all of its short-term debt and a big chunk of its long-term debt,” Bove said in an interview today on Bloomberg Television’s “InBusiness With Margaret Brennan.” “There’s no reason for the bank to have to go out and raise capital whatsoever.”

The firm fell as much as 6.4 percent in New York trading today and the cost to protect its debt from default surged to a record before retreating. Henry Blodget, the former Internet stock analyst turned blogger, wrote today on Business Insider that charges and loan costs may force the bank to raise as much as $200 billion.

“Mr. Blodget is making ‘exaggerated and unwarranted claims,’ which is what the Securities and Exchange Commission stated publicly when he was permanently banned from the securities industry in 2003,” the Charlotte, North Carolina- based bank said today in an e-mailed statement.

Blodget, a former Merrill Lynch & Co. analyst, was banned for life from the securities industry after regulatory inquiries into how analysts touted stocks during the Internet boom. He was hit with $4 million in fines and repayments after watchdogs including the SEC faulted his reports on companies including go2.com. Merrill was acquired by Bank of America in 2009.

Bove's other calls:

Hello Richard Bove, Repeating Nonsense Does Not Make It True; Bank of America Will Not Survive in One Piece

Thu, 08/25/2011 - 12:44 | 1600105 TruthInSunshine
TruthInSunshine's picture

 

 

Roubini has been in, even for him, a pissy mood lately.

I think people indicting the absolute perfection of Keynesianism set him off.

In reality, Keynes was brilliant, but economics is the most dismal science, after all, and even Keynes' theories were short on mathematics and had some serious gaps.

There was a time when one could aggressively question Keynes, such as when stagflation was raging in the late 70s and early 80s, as Friedman did, and few would defend Keynes so dogmatically.

I believe that Keynesianism was the closest thing to a good paradigm available for a long period of human and economic history, but as recent events show, much of what Keynes espoused is really poorly suited to explain cause and effect relationships that we are and are not seeing today.

We need a far better paradigm to explain the radically different economic structure that exists today than did in Keynes' lifetime.

One final point, few economists (certainly not Krugman or those openly endorsing inflationary policies) talk about the fact that Keynes became highly sensitive to the absolutely destructive force of inflation, and that KEYNES HIMSELF WARNED AGAINST GOVERNMENT DEBASING OF CURRENCY IN THE STRONGEST WORDS POSSIBLE:

 

J.M. Keynes on inflation in The Economic Consequences of the Peace (p. 235-6):

“Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth. Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become ‘profiteers,’ who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery.

 

Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.

Thu, 08/25/2011 - 12:45 | 1600143 fonestar
fonestar's picture

"In reality, Keynes was brilliant, but economics is the most dismal science, after all, and even Keynes' theories were short on mathematics and had some serious gaps."

Or just a paedophile kook.

Thu, 08/25/2011 - 12:49 | 1600174 curbyourrisk
curbyourrisk's picture

The problem with the most dismal science...is ECONOMICS IS NOT A SCIENCE.  If it were a science, you get the same response everytime to an action.  It is a theory at bet, more apporpiately labled a philosophy.

Thu, 08/25/2011 - 12:44 | 1600122 fonestar
fonestar's picture

Because gold bugs are anti government and don't accept paper as money.  And the government is socialist, fascist, capitalist, communist, er... whatever those things mean in the year 2011 I guess.

Thu, 08/25/2011 - 12:54 | 1600204 Eagle Keeper
Eagle Keeper's picture

He's French and can't do anything about it. If I was french I would be pissed off about it too....

Thu, 08/25/2011 - 15:16 | 1600617 TruthInSunshine
TruthInSunshine's picture

 

 

Not that it matters (it doesn't in the least to me), but Roubini is an Iranian Jew (yes, Jews live in Iran, in relative peace).

It's probably more factual to state that Roubini is an American of Jewish & Iranian ancestry (but the latter part is complicated, given the demarcartion between Jewish'ness' as a religion and Jewish'ness' as a race).

Maybe Spaceballs had it right, after all. Roubini is a Druish Prince.

 

***Disregard the above, Eagle Keeper, if you were referring to Sarkozy.

Thu, 08/25/2011 - 13:24 | 1600401 Citxmech
Citxmech's picture

Gotta cite for that?

Thu, 08/25/2011 - 12:27 | 1600018 101 years and c...
101 years and counting's picture

today marked the end of the multi day short squeeze.

Thu, 08/25/2011 - 12:27 | 1600020 Templeton
Templeton's picture

I think you failed to decode the hidden message in the honking horns, BUY BUY BUY button, and other wonderful noises in his clown board.  /sarc

Thu, 08/25/2011 - 12:27 | 1600021 the mad hatter
the mad hatter's picture

we gotta fill the gap first.

Thu, 08/25/2011 - 12:32 | 1600062 caerus
caerus's picture

that's what she said

Thu, 08/25/2011 - 12:28 | 1600025 DefiantSurf
DefiantSurf's picture

We must be getting to the end of today's news cycle if Cramer is the headline....

 

 

Thu, 08/25/2011 - 12:35 | 1600075 defn8Dog
defn8Dog's picture

With such low volume currently, Cramer can move the marginal investor.  Of course, he's doing a lot to rid the market of those folks, too.

Thu, 08/25/2011 - 12:28 | 1600028 NEOSERF
NEOSERF's picture

Crazy like a fox  that Cramer...he knows his calls always go wrong so he declared this "Opposite Day" when he was putting on his garters this morning and look at how well things are starting for the QE3 screamers

Thu, 08/25/2011 - 12:33 | 1600065 dracos_ghost
dracos_ghost's picture

Just like George Constanza.

http://www.youtube.com/watch?v=cKUvKE3bQlY

Thu, 08/25/2011 - 12:29 | 1600031 gulf breeze
gulf breeze's picture

His butt buddy Dougie Kass  has gotten smoked on Goldman @140 and his great xlf call that went 10% under fast

Thu, 08/25/2011 - 12:42 | 1600114 RockyRacoon
RockyRacoon's picture

Makes ya wonder how WRONG somebody has to be to get banned from further spouting of misinformation.

Thu, 08/25/2011 - 17:00 | 1601582 SAME AS IT EVER WAS
SAME AS IT EVER WAS's picture

You mean his conman ass-pals short position. All you would have to do is the opposite of anything doug kasswipe "recommends(LOL!)" to make money.

Thu, 08/25/2011 - 12:29 | 1600034 Id fight Gandhi
Id fight Gandhi's picture

He has the best call screens in the world. Never does an angry person get on and bitch him out over his shitty calls.

Thu, 08/25/2011 - 12:36 | 1600035 OpenEyes
OpenEyes's picture

"short rally in financials"

see, remove a few words and the truth comes out.  That's Cramer's problem, too many words.  He talks too much.

Thu, 08/25/2011 - 12:29 | 1600039 Cognitive Dissonance
Cognitive Dissonance's picture

BKX meet hard place.

Thu, 08/25/2011 - 12:29 | 1600041 Gibu The Great
Gibu The Great's picture

By short-covering he meant putting more shorts on top of your shorts.  doh!

Thu, 08/25/2011 - 12:30 | 1600042 dracos_ghost
dracos_ghost's picture

This guy's hit percentage is less than a coin toss.

Thu, 08/25/2011 - 12:31 | 1600054 Boilermaker
Boilermaker's picture

He's the Adam Dunn of finance.

Thu, 08/25/2011 - 12:40 | 1600102 centerline
centerline's picture

Not if he is on the other side of the trades he recommends.

Thu, 08/25/2011 - 12:44 | 1600128 Boilermaker
Boilermaker's picture

I don't think so.  That would be unethical.  And, I think it's pretty well established that traders are the poster children for ethics.

Thu, 08/25/2011 - 12:30 | 1600046 Boilermaker
Boilermaker's picture

He might have to roll up the sleeves on that peach colored shirt and extra level today.  That means he's really REALLY serious.

Thu, 08/25/2011 - 12:31 | 1600050 ShankyS
ShankyS's picture

Ha - they even lowered the banners to show MCC's DD's and that did not even stimulate viewership. Made it less painful though. 

Thu, 08/25/2011 - 12:31 | 1600053 lizzy36
lizzy36's picture

Getting Back to Even, must be one of the most ironic book titles of the last 12 months.

Seriously, he is the reason for automute tv technology.

Thu, 08/25/2011 - 12:33 | 1600068 Fur Trader
Fur Trader's picture

Yeah; and watching ZH vs Nouriel on Twitter is awesome.  Hmmm.... did I just put Nouriel and Cramer in the same thought?

Thu, 08/25/2011 - 12:31 | 1600055 Joebloinvestor
Joebloinvestor's picture

Buffet has made mistakes before.

At his age why is he investing in something that may never recover while he is alive?

Although Barry has said before that he would not allow Bof A to go BK.

Thu, 08/25/2011 - 12:35 | 1600077 Cognitive Dissonance
Cognitive Dissonance's picture

It is about ego and reputation. Money has little to do with it at this time. Besides, he bought the shares for Junior (Becky) Quick's trust fund.

Thu, 08/25/2011 - 12:39 | 1600098 kahunabear
kahunabear's picture

Hard to imagine he did much due dilly. But, I guess he doesn't have a lot of time to waste at this point.

Thu, 08/25/2011 - 12:44 | 1600129 RockyRacoon
RockyRacoon's picture

It was fun hearing Becky this morning describing how this "came up" in the bathtub.   Kid screaming in the background musta brought back some memories.

Thu, 08/25/2011 - 13:14 | 1600337 Don Birnam
Don Birnam's picture

Memories of winters and summers past.

"Warren, sugar-shame ! The camera is rolling !"

"Well, next time, wear slacks."

http://myiiphone.com/images/080303_IMG_3272.standard.jpg

Thu, 08/25/2011 - 12:43 | 1600115 Bear
Bear's picture

It's all part of his philanthropic giving

Thu, 08/25/2011 - 12:34 | 1600070 kahunabear
kahunabear's picture

Yeah, paying 6% and diluting the hell out of the company sounds like a great deal! Sadly, it probably really is a great deal for BAC, and therein lies the problem. Glad to see all that blather about not needing capital has been put to rest.

Thu, 08/25/2011 - 12:35 | 1600074 valuetrader
valuetrader's picture

I have some free time these days and yes I have watched CNBC (don't tell anyone ... I am ashamed). CNBC is just pure marketing and they often try to feed very optimistic information. Cramer is himself very bad and I don't think anyone should listen to him. The worst are however a guy called Cortes - he has no clue about anything and the young asian lady - god she is worse than Cortes.

Sometimes they invite interest people to speak but the whole thing looks so unprofessional. I guess this is what the viewers want to see.

Thu, 08/25/2011 - 12:50 | 1600180 alien-IQ
alien-IQ's picture

No. what the viewers really want to see is Amanda Drury and Michelle Caruso Cabrerra topless mud-wrestling. Everything else is just waiting.

Thu, 08/25/2011 - 12:58 | 1600232 RichardENixon
RichardENixon's picture

Any idea when that's scheduled to air?

Thu, 08/25/2011 - 12:37 | 1600084 sbenard
sbenard's picture

It was Buffett's announcement of purchasing shares of Goldman Sachs in 2009 that brought a bottom and lead to a 3-year stock market rally. I'm not saying I like it, but it created a precedent! I've wondered ever since what insider information he had, or what guarantees he had from the powers that be that he wouldn't take a loss. I have no doubt that he received such "assurances".

I hope this time, he gets slaughtered!

Thu, 08/25/2011 - 13:01 | 1600257 RichardENixon
RichardENixon's picture

Didn't he have a private meeting with Obama a couple of days ago? "Hey Warren, that BAC looks pretty cheap right about now, nudge nudge, wink wink."

Thu, 08/25/2011 - 12:42 | 1600089 Dapper Dan
Dapper Dan's picture

I see a breakout coming in RV manufacturing stocks

I like

DW - NYQ $18.44 0.47 2.49% Drew Industries Incorporated Co

stay away from Gulfstream, they made to old ones.

http://www.rvinvestor.com/

possible 1-2 million homeless after sunday.  many of the  existing FEMA trailers have been sold this last year.

lumber and sheetrock also on the buy list.

 

Thu, 08/25/2011 - 12:49 | 1600171 TruthInSunshine
TruthInSunshine's picture

I see a breakout coming in RV manufacturing stocks

 

This is more of a cardboard box or tent pricepoint  economy.

Thu, 08/25/2011 - 12:53 | 1600198 alien-IQ
alien-IQ's picture

Air mattresses and shotguns.

RV's cost too much. And too much fuel costs.

Thu, 08/25/2011 - 12:38 | 1600090 quark288
quark288's picture

Well by getting into this deal probably Buffet is set to prove the zerohedge tagline "On a Long enough Time Line the survival rate for everyone drops to zero"....

Thu, 08/25/2011 - 12:46 | 1600150 alien-IQ
alien-IQ's picture

"On a big enough malinvestment, every octogenarians net worth drops to zero"?

Thu, 08/25/2011 - 12:38 | 1600091 GiantWang
GiantWang's picture

Long guillotines, Bitchez!

Thu, 08/25/2011 - 12:39 | 1600099 Catullus
Catullus's picture

Yep. That straddle was fun. Well worth it. Never thought they'd dilute and the shares would go up. But whatever

Thu, 08/25/2011 - 12:41 | 1600104 Gandalf6900
Gandalf6900's picture

Once I lost a job by mentioning Cramers name at the interview

Thu, 08/25/2011 - 12:53 | 1600196 UGrev
UGrev's picture

Do tell.. do tell.. 

Thu, 08/25/2011 - 12:49 | 1600123 Justaman
Justaman's picture

CNBS talking head: What do you think Jim about the abrupt reversal in the market? 

Cramer: Um, uh, oh....kaboom!

Scanners (the movie), bitchez!

Thu, 08/25/2011 - 12:47 | 1600159 FranSix
FranSix's picture

The presumed massive short covering rally should be in undervalued junior golds as ppl sell their Canadian bank stocks.

Thu, 08/25/2011 - 12:49 | 1600176 digalert
digalert's picture

Buffet: "Buy America!"

CNBS: "Yah, what he said, Buy America"

America, bought and sold.

Thu, 08/25/2011 - 12:53 | 1600177 ShankyS
ShankyS's picture

LOL - Uncle Warren - aaaaand it's gone!

 

South Park vs. Cafe Del Mar - And It's Gone (Johannes Dahlberg Financial Crisis Mash) - YouTube http://bit.ly/qTjGKJ

 

h/t KD - 

Thu, 08/25/2011 - 13:00 | 1600183 MacGruber
MacGruber's picture

Yeah, he's a great influence, my near retirement parents listen to him nightly. I try to wean them off his diarrhea, but it's so pungent they can't deny him.

I sat through one show with them the other night and honestly his advice was to "pick stocks that go down less in a decline", which of course is infinitely better than straight liquidating those positions while they are still in the money - appearently it's better to find a better deckchair on the sinking ship, even if there is a perfectly good life raft present.

The guy is a f*cking parasite.

Thu, 08/25/2011 - 12:52 | 1600191 topcallingtroll
topcallingtroll's picture

I see it!

Look closely. Dont you see that little upturned squiggle?

It's a rally in the making!

Thu, 08/25/2011 - 13:01 | 1600258 IMA5U
Thu, 08/25/2011 - 13:02 | 1600268 monopoly
monopoly's picture

How is this man Not in prison. I just do not get it.

Thu, 08/25/2011 - 13:03 | 1600277 RiskAverseAlertBlog
RiskAverseAlertBlog's picture

The hopeless monetarist Cramer is just doing his job. To the likes it just doesn't matter where the grease comes from. Yet to a hopelessly insolvent financial system, more grease or not, it just doesn't matter anymore either. It's over. Bankruptcy cannot be easily papered over any longer, as shutdown will only accelerate with every new dime of fantasy assets added to the system. A debt trap built on zero due diligence now is set to consume every participating banker. Poetic justice, were only an unimaginable social calamity not in the offing.

Thu, 08/25/2011 - 13:06 | 1600291 daneskold
daneskold's picture

Cramer's autobiography is worth reading if only for this nugget anecdote.

Cramer faced redemption demands from his LP's he couldn't meet without liquidating, and market was dropping.

Cramer's best trader was his wife, who had retired to do...wife stuff.

Cramer calls her back in for hand holding in the crisis.

The market is dropping further, and Cramer writes a post stating, give it up, market is in a terminal down trend, sell everything.

Whereupon wife starts trading and buying everything.  Market rallied just as Cramer wrote his capitulation.

When asked why she thought it was time to buy, she replied, when a perma-bull like Cramer capitulates, that is the market bottom.

And SAVED HIS ASS.

Cramer's wife should have the show, not Cramer.

Thu, 08/25/2011 - 13:09 | 1600314 YesWeKahn
YesWeKahn's picture

Tyler, you don't have to present anything. Cramer is a classic idiot made in USA.

Thu, 08/25/2011 - 13:53 | 1600582 EndTimes
EndTimes's picture

Can anyone tell me why this guy is even given air time

 

Thu, 08/25/2011 - 13:57 | 1600613 web bot
web bot's picture

It was so juvenile watching Crammer this morning... and then the prop desk replaying their "someone needs to step in an buy" comment from yesterday. Yes - CNBC is what Warren Buffet heeds for advice.

This is so phoney. When Crammer talks, it's as if he is trying to rally a bunch of 8 year-olds before a game. CNBC would do well to take a page from last week when Hobbs called out Crammer over the hysteria he was creating last week.

Thu, 08/25/2011 - 14:29 | 1600844 sellstop
sellstop's picture

You won't know if there is a bottom in the financials here for a few days or weeks. It is easy to pile on someone because of the intraday movements, but I was not impressed by the selling so far today. The long bond in looking toppy and the selling in the general market is waning. The bottom will be in when the banks make it back above todays highs...

gh

Tue, 09/06/2011 - 10:46 | 1638259 Dr. Hannibal Lecter
Dr. Hannibal Lecter's picture

The bottom will be in when banks make it back above today's highs...wow.

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