It feels like there is too much vested in going down to allow this market to rally off of anything good in China. It's almost as if the pall's been cast and there's no sense in fighting it, even though this selloff began in China and might be ending there.
Plus, we have had a quick snapback in China before and the market just went right back down, signaling the bear market there is far from over.
The employment claims don't make the case to buy either. Nor do the "in-line" back-to-school-season numbers, numbers that still indicate that there is a back-to-school season -- something the pundits said wouldn't be occurring -- but not one where numbers can go up.
And rumblings of less-than-robust tech end-markets are making the rounds -- lower-than-expected foundry orders -- so you can count on tech not to deliver if those rumors gain credence.
I think the sellers are not yet done. And the shorts are still revving.
I continue to want to wait until tomorrow to get a better sense of what needs to be done and continue with the suggestion that if you haven't sold something non-defensive, it is not too late to do so.
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)
9-03-2009 @ 10:34AM
nickerson said...
This happens every year, Cramers folks make a killing in August and take off September and laugh all the way to the bank, then in October they come back in and bottom feed. The elite liberal bastards from the DEMOCRAT party screw us again and again.
9-03-2009 @ 12:00PM
tenna77591 said...
Hello nickerson: Don't know if the Domocratic party really have anything to do with market fluctuations. Markets historically go in the red during the month of September. As far as Cramer goes, he is just another of the "talking heads" that has proven to be WRONG with their so-called predictions about 50%-60% of the time at best.... http://www.mutualfundwealth.com/
9-03-2009 @ 2:49PM
e.krabs said...
I don't know why, but somehow, it seems that Cramer brings out some of the craziest comments and commentators I've ever seen.
Simply take what he and anyone else has to say, and see what can work or not work for you with your own trading strategies.
9-03-2009 @ 5:16PM
ebrandler34 said...
People start to have a problem with Mr. Cramer when he steps outside his role as a (supposedly impartial) market commentator and educator, and devolves into a force for (self-interested?) market movement.
In this regard, he has moved heaven and Earth over the last four weeks to rally the bulls and rout the bears.
I don't believe he has any sway of the mutual and hedge fund managers, but I feel very sorry for the "home-gamers" that he lures into the casino.