Thursday, October 9, 2008
Monday Jim Cramer came out on The Today Show to tell everybody to sell stocks NOW if they need the money in the next 5 years. Lol, ok where to start...first off Jim is now one of my favorite contrarian indicators out there. Love the guy for his passion, and he did get me into this market when I first started out but damn how bad can your timing get. Second, we are down 35% from the all time highs one year ago and NOW Cramer tells folks to sell...lol you cant make this stuff up. Don Harrold sums it up nicely in the above video.
Cramer throwing in the towel down here at DOW 9500 might just be the greatest buy signal of all. What bugs me is that he loved the market all year and kept people thinking that with every rate cut we get the better off we are. Which is not the case. He kept people in the nat gas and commodity plays wayyy too long and when a poor Cramerican called his show and asked what to do about their losing positions he said buy more on the way down (always a losing strategy after a bubble pops).
So the majority of his sheep rode losers into the ground and NOW he tells them to sell if they cant take the pain? Come on Jimbo...