It was only a matter of time.
One day after Dennis Gartman tore up his call for an imminent bear market, one where "all rallies are to be sold", the man who infamously declared Bear Stearns is fine, Jim Cramer, has flip-flopped on his all too recent bearishness, and now, with the S&P over 100 points from its Friday lows, has decided he too needs to chase the market momentum, and once again turned bullish, his third major flip in just the past three weeks.
From CNBC [10]:
It was only a few weeks ago that it seemed impossible to Jim Cramer for this market to stage a miraculous turnaround. The Fed, oil, China and Volkswagen all seemed like a dark clouds over stocks.
"Suddenly, good news is busting out all over, and we can't not talk about them. I have been bearish for a while now, but if the facts change, I have to change with them," the "Mad Money" host said.
Monday brought a plethora of good news, and the Dow (Dow Jones Global Indexes: .DJI) jumped triple digits in response. Stocks rallied when it appeared that the Federal Reserve was actually on hold for the rest of the year, oil bounced back and things started getting better in China. Additionally, the issues plaguing Volkswagen seemed contained, which allowed other auto companies to benefit.
Just a few weeks ago, it seemed completely ridiculous to suggest that these issues could be contained, yet, that is exactly what happened.
So putting Cramer's three most recent flip-flops in context, here they are courtesy of Northman Trader [11]:
[12]
