OK, so let's see. Europe was up about half of what we were, which isn't bad given that we were up a little more than the day before, which puts us so we should probably be down about 1% ... but there are animal spirits that looked great yesterday, so we won't be down that much, so bid a half percent down from the close and then walk it up as we get closer (unless there is news).
There, that's the nonsense game I used to play in my head about what the buyers and sellers of futures were going to do.
It's pretty right.
It's pretty stupid.
It's pretty right and stupid because it is what we trade off of, but what we should be trading off of is whether we are going to save the automakers or whether there will be another run against Goldman Sachs (NYSE: GS) (Cramer's Take) or whether Citigroup's (NYSE: C) (Cramer's Take) insider buying is a joke or not. We should be betting on preannouncements and weakness and no ECB cuts, not on some ratio of Europe to us.
But it is all betting all the time, and the only thing that intrudes is the gaming of the crushed hedge funds.
If you don't believe that, then you didn't watch Intel (NASDAQ: INTC) (Cramer's Take) yesterday. Here is a company that is getting hit harder than it ever has since 1988 ... and people bought it on the news.
Of course, they didn't really buy it. They bought the ETF that it is a part of. That was enough.
So it went higher.
That's the kind of market we are in, a gigantic phony market where nothing can be trusted to be interpreted right, because nothing matters other than the direction that the last big futures or ETF buyer wants it to go.
Hmm, is that the way bear markets end?
I guess so, because everyone I hear on TV says it bottomed yesterday.
Jim Cramer is co-founder and chairman 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 was long Goldman Sachs.
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Reader Comments (Page 1 of 1)
11-14-2008 @ 12:23PM
Chris said...
I think much depends on your perspective. There are many saying that what we've had up to 2007 or so has been the phony market.
What we are experiencing *now* is a return to reality.
Considering that the boom was created by artificial credit...to expect other than what we're experiencing today would contradict all of monetary history.
11-14-2008 @ 1:18PM
beachpaul said...
Bottomed? Smoke another one. You were right yesterday: sell into the bounce. Casino? Right again! In the eighties they did away with stock certificates. It all became digits on a screen. There were no longer time delays, to physically move the certificates. Instant gratification. My wife worked for Security Pacific Bank on Wall St. back then. She is the one who explained this to me as she was making her case to leave Wall St. and get certified to teach. After that day in '87, how people soon turned on one another, it was never the same for her. When I make comments about digital it is because of what I witnessed first hand in the Music Biz when it went digital. The internet was going to clean the channels of distribution, I thought, not wash them away. It has made AAPL a record distributor, a digital rack jobber. It was an accident. What viagra was for PFE. Who knew that a recording studio with five hundred thousand dollars worth of electronics would soon be obsolete, bankrupt in five years, because it bought a DAT recorder. It is the speed now in which it all turns, changes, in the sound of a click. Stay focused, Jimbo, the music is going to get louder and faster.
11-14-2008 @ 7:13PM
Rick Sirag said...
I think the SEC should invoke two rules across the board.
- No more selling short
- A minimum equity holding period of 3 weeks.
Those two rules should force some thought into the fact that the market is about supporting/funding a company that one believes in. The concept of providing funds and then getting rid of them all in the same minute is absurd (yep - that's right - day traders are absurd - wonder how many of you are reading this comment...)
11-15-2008 @ 7:57AM
lou p said...
i believe it is the intent of money makers to continue to have the extremes we are not enjoying in the markets. there are manipulators out there.
11-15-2008 @ 2:17PM
CHARLES said...
HERES ONE TO LOOK AT ON THE CHEAP ?
ATSG REPORTS STRONG THIRD QUARTER REVENUE, EARNINGS GROWTH
All Three Principal Business Segments Deliver Solid Results
WILMINGTON, Ohio - November 14, 2008 - Air Transport Services Group, Inc. (NASDAQ: ATSG), today reported a 41 percent increase in revenues to $403.1 million, and a 107 percent increase in net earnings to $5.0 million, or $0.08 per share, for the third quarter of 2008, compared with the third quarter of 2007.
JUST TRYING TO HELP ? GOD BLESS !