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We need some doom-and-gloomers to go higher here. I didn't hear any last week and it is worrisome. Without some avowed bears, we could be stalled here until we see some earnings even though seasonally this is a terrific time.
I say that because as I looked for things to talk about on Friday's show, I was hoping to find some stocks where there have been big negative bets made and really couldn't. Natural gas had been thick with bears and those stocks are still going down, but I don't see a lot of bearish bets being made. We had some in retail, but they seem to have dried up since Bed Bath & Beyond (NASDAQ: BBBY) (Cramer's Take). Tech? Boy, I don't see any bears at all going into what should be a remarkably negative period, at least historically.
Most important, we are seeing story after story now about how much the banks are going to make. With the only real bets being made against the banks of the daytrading variety, I feel we are going to need some monster put-buying and shorting to have the big moves I am looking for.
Still, those stocks make the best bets. Wells Fargo (NYSE: WFC) (Cramer's Take) and Bank of America (NYSE: BAC) (Cramer's Take) going into the second half -- you have to be there.
When I saw Ron Insana today over at CNBC -- and I am incredibly excited about the work he is doing here -- we agreed: Deflation means buy banks. Just so right.
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 and Wells Fargo.
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Reader Comments (Page 1 of 1)
6-29-2009 @ 10:45AM
paul s said...
Hurry up and wait. You won't be seeing "earnings" anytime soon. You want to climb back to 9,000 DOW. You won't be seeing 14,000 DOW in your lifetime again.
6-29-2009 @ 11:47AM
kevin said...
Hell..you might see more than 14,000, the way the world is expanding.
6-29-2009 @ 12:22PM
Sharon said...
Like Buffet said, the economy is in shambles...his first loss ever came to him this year. Goes to show that even those in the know invest in entities that are insolvent and suffer the consequences. Hold on Cramer as I doubt you will be seeing any big bank earnings for over a year...maybe more.
6-29-2009 @ 1:03PM
kirkb083 said...
where are the bears.i think they are counting pennies instead of dollars. after all the scams sense last October does the bears have any capitol left to invest.after all the scammers and thieves got done with people,the bears probably took their porridge, spoons,and whats left of their billfold to better areas of investment.now you can see what happens when thieves get into the financial markets.and you Jim Cramer quit acting so stupid.some of the bears are broke.like real life bears are few and far between.thieves have just about eliminated the bear population.