TheStreet.com's Jim Cramer snow's not good for stocks, particularly coupled with other disturbing news.When I was long and it snowed, I would always be worried: Would the bulls stay home? Would they defend their turf?
And when the snow happened on Friday I just figured my portfolio would be a free fire zone: What bull comes to work on a snowday? They take off. The rigor, the toughness, the never miss guys, they are all bears!
I actually thought like that. So, when I woke up and saw the snow I figured, oh yeah, this will be such an easy market to push down, there is so little going for it.
And that's the real issue, isn't it? Other than rate cut possibilities and some good numbers from companies that do a lot of business overseas, this market has nothing going for it.
There was an unintended negative article in the Journal yesterday. I say "unintended" because have you noticed that the new Wall Street Journal under Murdoch is even more negative about business than the old one? I thought that would change!
Anyway, in a sea of negative articles about stocks in the C section was a negative article about the brokerage business and how bad it is.
It listed no mergers and acquisitions, no structured finance, no IPOs, no private equity.
Alas, no FUEL! Those are all fuel: you need takeovers to shrink the supply and make the bears have fear. You need structured finance and private equity to come up with creative ways to channel all of that hedge fund money to the long side. You need new deals to keep focused and remind you why you are in the game: nothing reminds you like the sweet gains from an IPO.
So all we have is rate cuts. And you can't trot them out every day; they won't be there for you. And on a Friday with tons of snow in New York and the bulls stuck at home, the bears have the initiative -- even more than they have had all year!
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Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. At the time of publication, Cramer had no positions in stocks mentioned.
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Reader Comments (Page 1 of 1)
2-22-2008 @ 11:38AM
T. Maginnis said...
I'am watching Jim Cramer's favorite stock in 2007.
LVLT.
It's gone from 6 to 2.10.
Still waiting?
2-22-2008 @ 8:58PM
Ynot said...
I think Cramer needs to wear a hat. All that snow must have landed on that bald head and froze his brain.
2-22-2008 @ 9:43PM
Ynot said...
Blame it on the snow. Now he sounds like Milly Vanilly! Oh yeah. That was blame it on the rain. You might as well blame that to Cramer. How about lets blame the lying, thieving, blood sucking, screw the middle class and poor, steal your 401-k and pension found savings, greedy wall street bankers and brokers.