TheStreet.com's Jim Cramer says we're in a relentlessly terrible market.
Slew of bad news to wake up to. Freeport (NYSE: FCX) (Cramer's Take) eliminates its dividend to conserve cash as copper has had an unmitigated decline. Impairments coming; ugly, but somewhat predictable given the stunning stock drop. Research In Motion (NASDAQ: RIMM) (Cramer's Take) overnight becomes Nokia (NYSE: NOK) (Cramer's Take) or maybe even Garmin (NASDAQ: GRMN), (Cramer's Take) as the commoditization of tech continues apace. We can sell everything cell-phone-related off that. Tech down again.
Too bad, because it wrecks the rally from yesterday and confirms -- endlessly -- how bad this market is.
It's also too bad because China was up big last night, which I believe will put in a bottom to the mineral and steel market components someday. Pricing will get tight eventually as U.S. Steel (NYSE: X) (Cramer's Take) and Freeport are taking out a huge amount of capacity. They have to; the pricing falls are that devastating. There will be plenty of companies in these industries that simply won't survive because of the pricing.
Slew of bad news to wake up to. Freeport (NYSE: FCX) (Cramer's Take) eliminates its dividend to conserve cash as copper has had an unmitigated decline. Impairments coming; ugly, but somewhat predictable given the stunning stock drop. Research In Motion (NASDAQ: RIMM) (Cramer's Take) overnight becomes Nokia (NYSE: NOK) (Cramer's Take) or maybe even Garmin (NASDAQ: GRMN), (Cramer's Take) as the commoditization of tech continues apace. We can sell everything cell-phone-related off that. Tech down again.
Too bad, because it wrecks the rally from yesterday and confirms -- endlessly -- how bad this market is.
It's also too bad because China was up big last night, which I believe will put in a bottom to the mineral and steel market components someday. Pricing will get tight eventually as U.S. Steel (NYSE: X) (Cramer's Take) and Freeport are taking out a huge amount of capacity. They have to; the pricing falls are that devastating. There will be plenty of companies in these industries that simply won't survive because of the pricing.
Why is gold making a new high, trading at $1,118.00 per ounce?
Chasing Value: Ten stocks for 2010 -- Part 1 
Closing Bell: A six-day rally (AIG, REGN, M, MOT, PALM, RIMM)
