On tonight's
MAD MONEY on CNBC, Jim Cramer said the bulls got what they wanted as the Federal Reserve is removing the "firming" bias from their statement today. The market is back, according to Cramer. The defensive stocks bottomed, then the financials, and then the commodities and cyclical stocks. Cramer also noted that Shanghai is back up above its pre-drop levels and he said the short national nightmare is over. But since things are not that great he thinks the Fed will go toward a rate cut.
Cramer now thinks that the big cyclicals like Boeing Co. (NYSE:
BA), Caterpillar Inc. (NYSE:
CAT), United Technologies (NYSE:
UTX), Deere & Co. (NYSE:
DE), Ingersoll-Rand (NYSE:
IR), and Freeport McMoRan Copper & Gold (NYSE:
FCX) have bottomed. A specific company -- Haynes International (NASDAQ:
HAYN) -- is one you will hear a lot about from Cramer. It sold 1 million shares for itself to bolster the balance sheet. It is in performance metals and in the same group as Allegheny Technologies (NYSE:
ATI). He thinks the demand for its products is big and now the company got itself off of the pink sheets and has enough stock to make it an in-demand stock and liquid. HAYN is now up 2.4% to $69.50 per share in after-hours, and Cramer thinks it is going higher after shoring up its balance sheet.
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