Cramer says it's just bad programming

Discussion in 'Trading' started by mjh, Feb 27, 2007.

  1. mjh


    Cramer said "a lot of todays downside was due to computer problems, and that it was mainly the people operating these machines pushing one or two extra wrong zeros that caused the plunge." He then looked into the camera and said "I'm sure some of you out there listening or maybe even your kids have pushed some wrong keys on the calculator and maybe came up with a million instead of a hundred thousand or so".

    He further stated that this is a "great buying opportunity", but I think one of the cameramen must have started laughing or dropped the cue card because Cramer then came back and said
    "Maybe don't buy tommorrow or the next day or the next...wait maybe a week or so".

    Wow Jim, I'm glad I tuned into the show because now I know that economics or fear driven panic is just bullshit and that anytime the Dow or the Spooz take a major dump its just some guys at GS that maybe had one too many martinis at lunch.

    I'm really glad my one son went to Northwestern and not Harvard now.
  2. bluud


  3. MattF


    NBC News he was calling to buy...then again he was also on for maybe 30 seconds tops...:p
  4. Iowegian


    didn't see the episode but it is clear that he is attempting to explain the event to people that do not have advanced education, have limited understanding of finance and are concerned about their 401k etc.
  5. jds


    Cramer was the biggest cheerleader for BS stocks and the "new paradigm" in February of 2000, and only after the market came apart (just weeks later) did he become somewhat cautious. Later, he tried to claim that he was warning people to "take money off the table" before the downturn, which was clearly revisionist. Cramer's speaking style may make him seem prescient but he is really just a colorful momentum follower. Again and again and again he has been spectacularly wrong, yet he can still stand up and loudly give an opinion with an apparent certainty which is not justified.
  6. mjh


    Yeah..and he I think he bullshits himself too.
  7. S2007S


    :p :D :p :D :p what a lame excuse.
  8. gaj


    a little off, so i'll clarify.

    he DID say to take a little money off the table.

    however, what he started to say after the fact was that he called the top and told people to get out of it all (or something very close) - which was complete b.s.

    it was in these pieces:

    and then recounted in this piece, "Take Something Off the Table".

    now, i won't defend many of his things like his 'winners of the new world' (buy every superheated stock on pullbacks!), his action alerts performance (barely better than the s&P), or his use of no stops.

    but he did tell people to take some off the table in march, repeatedly, for a couple weeks. and he's got to get credit for that.

  9. Cramer sounding alarms like 98..we all know how THAT turned out hehe
  10. there was some bad programming/trading in the system, but not sure how much we can blame that on the Dow 546 points drop. We need to find out the extent of system errors. May or may not have been as important as Cramer thinks, but not sure we should dismiss what Cramer says (I am no fan of his)
    #10     Feb 28, 2007