In a week we've gone from, "Prove it, bears -- prove how crummy it really is," to, "Bulls, give me a break -- don't bother taking the futures up, you're finished and you know it."
What caused the transformation? I think price. The realization that the moves have been so breathtaking that it converted bulls to bears literally overnight. I don't think this is the "same old bear" that is growling.
And I don't think it's lasting. There's too many bids lurking underneath from people who have to make up gains and catch up to the S&P or the Nazz, and their hope is that the market will come in and they can pick up some points against it. Too many people are leaning that way, too many people hoping for down 5% to 7% when I think this is another 3% to 5% decline. We have had 1.5% so far, so even the high range indicates we aren't done.
But I know we are too high, because I sit down every night with the many stories I might want to do for "Mad Money," stocks I want to recommend, sectors I like, and ... well, let's put it this way: I don't have much to recommend. And it isn't just because of the murkiness of the Fed meeting.
My thoughts for the moment are epitomized by the comments from Bob Toll in this morning's Toll Brothers (NYSE: TOL) (Cramer's Take) release: Toll "should see stronger demand." It would have been better if he said, "We are seeing stronger demand."
So, I wait: a bull who recognizes that it's still too high with nothing to buy. But I don't expect to wait too long for that situation to resolve itself.
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 had no positions in the stocks mentioned.
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Reader Comments (Page 1 of 1)
8-15-2009 @ 7:41PM
Lam arche Michael said...
Most of Christ's teachings were that the love of money is the root to all sorts of Evil. So it only stands to reason that the Anti-Christ aka the Beast will stand for the exact opposite.
What Beast is the very SYMBOL of MAMMON?
The Golden Calve of Ba'al from Exodus ie its Graven image (it was destroyed) The Wall St. BULL that the entire world has been tricked to worship!!! There is your Anti-Christ!
You are beyond anything stupid if you even think you can argue with this. You can not worship Christ and the Anti-Christ at the same time SORRY! You may not have stocks or a 401K or anything that depends on the BULL and call yourself a Christian SORRY suffer Pharisees!!!
Liberality is one of the 7 Contrary Virtues. Standing in opposition to GREED. Just how CONservative Right wing **WICKED** Bible thumpers over look this HUGE **WART** on their noses BLOWS my mind. It tells me they are not Christian at all but rather **Wicked** Pharisees.
--Revelation 19:19
"And I saw the BEAST (Anti-Christ/Wall St. BULL) and the kings of the EARTH (Bankers/G20 nations) gather together and they fought against the LAMB and his army!"
Here I am as a Matador and BY THE SWORD of MY MOUTH I slay the BEAST, DIE DIE DIE EVIL WICKED BEAST DIE!
Turo Turo Olay CHA CHA CHING!$!
And money, the life blood of the BEAST/Anti-Christ, FLOODS the VALLEY of MIGGIDO to the depth of a Horses Bridle!
Awe what a BUMMER for you Wall St. BULL worshiping DUDES sucks to be you.
******** WHO IS LIKE GOD!?! "I AM"!!!************