TheStreet.com's Jim Cramer says he doesn't want to make a move until he sees the action. We aren't oversold enough anymore, and we are up too much. Meanwhile, the next run is on the insurers, as we can tell from the erratic nature of the way that group is trading.
Oh, and what's the deal with Sallie Mae (NYSE: SLM) (Cramer's Take)?
There's not a lot of respite here in part, again, because of Lehman and the default of so much Washington Mutual paper.
We just aren't ready for what is happening yet, and we keep getting surprised about where the paper is. The rescue bill will help, but the pork attachments are so horrible that I believe, ex-FDIC, they have made it tougher to pass, not easier.
No matter. More bodies being exhumed every day. Today, with the downgrade of Principal Financial (NYSE: PFG) (Cramer's Take) and after the strange action in so many of the insurers Wednesday, I don't want to make a move until I see the action.
Oh, and what about Sallie Mae?
At the time of publication, Cramer had no positions in the stocks mentioned.
----------------------
RELATED LINKS:
GE Sells Preferred Stock to Buffett
SEC Probes Lehman, Bear Rumors: Report
----------------------
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.
Before the Bell: Futures Higher on Greece Rescue Hopes
Serious Money: Cheapest Stocks List Shrinks from 26 to 21
Chasing Value: Hasbro Earnings Makes My Point
Reader Comments (Page 1 of 1)
10-03-2008 @ 3:57AM
scole said...
Its time to wise up people. We are caught between the goons in the stock market and the stupids in the government. Either way you go your getting robbed of your money and it seems there is no one that can stop it. The big drop in the market was a warning shot accross the bow of the government ships and they have given in to bail their greedy asses out. Then the theives in the government are using the boom's day bill to fill there pockets with pork and we the people have nothing to do but wait and see what goon will get the most. Say good by to the USA as we know it. The bad guys are winning.
10-02-2008 @ 11:12AM
jim Kinkade said...
The market is headed south as it should. The newest package is a total sell out to the wealthy. We have not seen a single provision limiting executive pay to something like their maximum pay should be seventeen times the workers wages, as it was in rhe eighties. Plus stock price need to reflect a reasonable price to earnings ration of say 10%. Not .2 of 1%. We also need to see something in the package requiring paybacks of excessive wages. I heard Warren Buffett state that his 500B investment was based on a bailout. If it doesn't pass he said hje loses.
10-02-2008 @ 11:56AM
beachpaul said...
Time to lock n load and get ready to go bear hunting. Movies. Time Warner will be a great buy at $10. I remember when you predicted it would hit $25. Entertainment is big in a depression, ask Woody Allen. Grab all the movie and music stocks dirt cheap. GE at $18. Time to pad the retirement portfolio. The bluechips will be cheap. Oh, but you won't be able to do this with a margin account. You will need real money. Maybe we should raise the bar for getting a realtors license, like, requiring that they at least graduate middle school before they are allowed to list and sell three properties in the same afternoon. Oh, I'm sorry, that would require some kind of regulation. Ah, but, insurance..I pay you and then when you are supposed to pay me, I have to threaten you, your mother, your children, to get some of what you said I could get if I faithfully paid you. Forget it, Cramer, buy CVS, most of the country is on drugs. After this fiasco the rest of us will be joining them!
10-03-2008 @ 1:07AM
MikeT said...
This market is like wiping before you poop.
It just don't make sense...