Did the bears really have nothing up their sleeves with the last-minute pushdown at the end of Thursday's session? No big downgrades? No bank seizures? No stories about how Citigroup's (NYSE: C) (Cramer's Take) getting close to failure again?
They didn't have the bond market story, for certain. Bonds were a buy. Oil wasn't out of control, just up enough to drive stocks up again. Bank of America (NYSE: BAC) (Cramer's Take) never gave up the ghost -- and I know I wasn't going to let it give up the ghost on my TV show, "Mad Money."
They didn't even have Asia, which rallied nicely, and now Europe seems tame, too. Nope. Nothing.
So what was it about?
I puzzled over the last half hour for a while after my show and can only conclude that the technically important levels that needed to be taken out to cause more buying were simply not going to be allowed to be taken out. There's too much money right now that needs this market down and was planning on it to be down. I say that because there is no reason why you have to sell that badly for yourself, no reason that you have to dump like that if you are long. It is just plain stupid.
I think we all learned a brutal lesson in these last two years: The markets and sectors, aided by exchange-traded funds and the double- and triple-short funds -- which in turn were spawned by the end of the uptick rule -- are very, very easy to manipulate.
Thursday was a terrific well-done manipulation.
Now, let's see if there is any follow-through.
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 Bank of America.
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Reader Comments (Page 1 of 1)
6-26-2009 @ 12:26AM
Charles Wical said...
Mr. Cramer:
I remember when Jon Stewart chastised you in The Daily show for giving bad financial advise on a particular 'pick'--in contrast to your expertise? Put the shoe on the other foot: Jon Stewart--as a comedian--is supposed to have comedic expertise; yet, he is not ALWAYS funny.
6-12-2009 @ 6:03PM
plankton81 said...
Nobody listens to stewart anyway. More people watch Barney the purple dinosaur.
6-12-2009 @ 8:28PM
Bob Wade said...
BOOYAH !! LOL