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They can't help themselves. I am talking about the managers who are behind the market and can't wait to get in. They are almost beside themselves that we couldn't take it down more. They can't believe they won't get their pullback.
I have bad news for them and good news for them.
The good news first: I think they will get the decline they need, the one that takes out 6% and maybe even 7%!
The bad news, I am beginning to think that it will be from higher levels, because they should have had a veritable panic on their hands on Friday. When Intel (NASDAQ: INTC) (Cramer's Take) and Dell (NASDAQ: DELL) (Cramer's Take) say good things and the market doesn't fly, and when everyone who bought on the open has been crushed, that was the coup-de-grace moment, the moment when there were so few bulls around -- they are all taking the next 10 days off! -- and nothing happened.
As someone who used to love to short, I would be dispirited by Friday's action. If the best argument is that it didn't rally on good news and then it doesn't take out the low from earlier in the week and rally back ... well, talk about thin reed.
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)
8-31-2009 @ 9:38AM
roman said...
As a previous fund manager you would think Kramer would understand that normal cycles of bear and bull markets keep the markets in check.
8-31-2009 @ 10:26AM
ebrandler34 said...
Just another Cramer post meant to dispirit the bears.
But I am afraid he has a point today in that "conventional wisdom" has now discounted any 7%-10% pullback. The most powerful moves (up OR down) are, by their nature, unexpected.
Because everyone now "expects" a pullback, it is unlikely to morph into panic. It is in everyone's interest (except the shorts) to maintain calm and order, and it would seem that Cramer and Co. have succeeded.
8-31-2009 @ 10:42AM
Ynot said...
Crammer, the only thing shooting blanks is your hair folicles. The government manipulated market is a joke and most people know it. Trying to give people a false sense of wealth does not a true recovery make.