cramer calling for a possible meltup in the next few days on his radio show today. http://www.thestreet.com/m/_tscradio/radio/index.html?s=left
I also remember Cramer and the rest on his site being *very* bullish at the end of 2000. The place is like a bird cage with a talking parrot and a bunch of parakeets. bullishhhh...bullishhhh...bullishhhh
Didn't he recently recommend booking profits lower down and waiting for the selloff to finish, when the S&P went below 1000? Now he gets mega-bullish 50 points higher. Also I notice he now thinks gold can move higher. Ironic, considering that he personally attacked a guy from his website for being bullish when gold was in the low $300s, and for buying NEM in the 20s, saying that gold bugs always bought the top every time gold popped. The guy was then hounded out of Realmoney for daring to defend his bullish position. Let's face it, Cramer's main edge was getting the "first call" when brokers were about to up or downgrade a stock. In other words he made money by using what was as close to insider trading as you can get without breaking the law. Now his edge is gone due to Reg FD, and he's just another loudmouth chump on TV. His investment portfolio sucks, and he can't ditch the perma bull mentality. Where are his picks in the precious metals or natural resources sector? Where's his commentary on the huge rallies in gold, copper, soybeans, wheat, cotton, or the foreign currencies? When has he made a trading call on the bond market? He's a one-trick pony who can only make money in a stock bull market. Cramer is a classic case of a general who only knows how to fight the last war, which is ironic given his interest in military history. I predict that in 3 or 4 years, no one will give two hoots about him. "James who?" they'll say.
I really see no reason to listen to his recommendations (and I imagine most successful traders agree). Read "Confessions of a Street Addict." He concedes that his wife bailed him out in October 1998. He had lost it.
Exactly. They only stayed solvent by exceeding their credit & risk limits with the clearing firm, which IMO is being negligent with investors funds, and close to fraud. Rather than take his loss like a man, he deceptively and recklessly gambled other people's money in a last ditch attempt to save his own neck. I wonder if Cramer told investors that his wife reserved the right to exceed their credit limits and risk more than their entire investment on one massively leveraged trade?
You guys are making it tough.....along with all of you I dissed Cramer on this.....untill I realize we are all in agreement! Let the meltup begin!!!