On his show today he is again decrying the selloff today as pure market manipulation due to the removal of the uptick rule and leveraged ETFs. Did he not notice that the market rallied 10% off the unemployment lows from last Friday. Did he not also note that today we saw the worst UE claims in 26 years, JPM's Dimon said that things were horrible in November and as bad in December and that home prices may have another 20% to fall. Oh, and don't forget about Senate Republicans blocking the vote on the auto bailout, which had been considered a sure thing earlier this week. So the market goes down ~2% for the day, which is a 50% retrace from last Friday's rally. Personally, POT was up 50% since last Friday so I took a little off the table. That used to be called "profit-taking." But no....now it's called market manipulation. And just yesterday, when the market was up 70 points, he said he was getting very constructive about the market. At least the Fast Money crew attempts to present a balanced and rational explanation for moves in the market, as opposed to Cramer, who whines every time the market doesn't go his way. He's so frigging annoying.
I think the majority of the whining was about Madoff/hedge fund manipulation. Crames knows how they do it, becuase he used to do it himself. On this subject, I will lend him an ear, but not on anything else. There needs to be more oversight.
Cramer is only about playing to the ratings for his show at this point. His viewer base is made up of mostly (if not totally) longs. So he will side with whatever makes him sound like he is on the side of his viewers. In return for him "siding" with them - he hopes that some portion of the base becomes fiercely loyal. This equals a stable viewership base which is good for ratings. Forget about his background, and the fact that he actually knows better. When it comes to stuff like this - he simply tosses that part of his life out the window. It is probably easier to say these ridiculous things and bolster ratings than it is to beat the S&P and your peers on a risk adjusted basis, right? He knows exactly what he is doing. Unfortunately, most of his viewers do not.