October 06, 2008

Jim Cramer Panics





72 comments:

Anonymous said...

Man, Keith....

You beat me to the punch!

I was going to post this! lol...

QuickDraw!!

Anonymous said...

Uhm if Cramer is selling, I'm buying.

Anonymous said...

Why?

The hapless George W. Bushco & Shotgun Dick Cheneyburton, Paulson, Bernanke.

Period. 8 unbroken years of mistakes and looting. Time for investigations and trials.

End of Story.

Cramer has gone insane finally. Maybe a little TIA episode or mini stroke. Possibly a brain bubble?

Oh and special thanks to Clueless Anne Curry you will be nominated for an Emmy for your performance.

Batman said...

Real panic sets in when the proles finally panic, call their brokers and scream at them to get their 401k nesteggs out of the way of this steam roller. That will be PANIC.

Should be an interesting week. I only put 70% in T bills and cash. I left 30% in the commodities inflation bet and that's getting killed.

Anonymous said...

Crammer or his friends must have short positions . Get Crammer off the air quick ,call it in the interest of a National emergency .

keith said...

This pick will be remembered, wrong or right

I remember in one of his books he wrote about the 1987 crash, where he gave up at the exact point the market stopped going down and his wife was the one who started buying (at his hedge fund)

I think all this shows is that it's near impossible to time the market.

If you loved a company and its products and its balance sheet 3 months ago, and now it's stock is 50% cheaper, it should be a buy. Unless the world has completely changed. Which indeed it may have.

Meanwhile, cash is king. Lets you sleep at night. And Cramer's advice to not gamble $1 until you have five years of savings put away is the best advice I've ever heard him give.

I'd say more like 8 years.

keith said...

Here's what I see this week - wild predictions that should be completely ignored:

1) bernanke cuts rates down to 1%, with across-the-world cuts to match

2) nationalization of european banks like barclays and usb, who will exchange preferred shares for much-needed cash

3) Bernanke pumps another trillion or so into money markets. PPT goes fricking nuts.

4) Dow swings of 1000+ points in crazed panicked frantic trading with some nice head fake rallies

5) we enter the next stage. real fear. real panic. oh, except for realtors who will pretend it's a great time to buy (even though nobody can get a loan)

6) dollar ironically strong on flight to safety. euro and pound get pounded. yen strong. gold treads water.

7) cramer hits the bottle. kudlow back to the blow. bush wanders the white house drunk like nixon. mccain pretty much gives up after one last spasm of hail mary attacks. obama realizes he's now a depression-era president.

8) HP'ers sit back and enjoy the show with a nice tub of warm buttered popcorn in their rented houses and condos.

Anonymous said...

Lots of ugly quarterly 401K statements will be opened this week.

keith said...

Market has to fall 10% now for a trading curb to hit:

http://en.wikipedia.org/wiki/Trading_curb

Any takers?

Anonymous said...

Fed pumps billions more into banks
Central bank doubles to $300 billion the amount it will loan banks.

Loans could reach $900 billion by end of year.

http://money.cnn.com/2008/10/06/news/economy/fed_loans/?postversion=2008100609

William Larkin said...

"What we thought was going to be a contained domestic problem is definitely global," said William Larkin, portfolio manager at Cabot Money Management.

Anonymous said...

OMG!

My 401K is a 201K!

I've been CONNED!!

Nature said...

Today is the first day of the end of the EU.
You've heard fisrt right here on HP.

Europe is Toast!

Anonymous said...

Again???

Dr Phil said...

Investors are flooding to the exits, and taking whatever prices they can get if the reward is liquid cash.

Wait till the 3:30 Run, get out while you can!!!!

Robin said...

HOLY COW BATMAN:

DOW -533.80-5.17%

keith said...

· In the manic phase, investors scramble to get out of money and into illiquid things such as stocks, commodities, real estate or tulip bulbs: 'a larger and larger group of people seeks to become rich without a real understanding of the processes involved'.

· Ultimately, the markets stop rising and people who have borrowed heavily find themselves overstretched. This is 'distress', which generates unexpected failures, followed by 'revulsion' or 'discredit'.

· The final phase is a self-feeding panic, where the bubble bursts. People of wealth and credit scramble to unload whatever they have bought at greater and greater losses, and cash becomes king.

keith said...

I'm watching the Lehman Brothers "hearing" where Fuld is getting grilled by Waxman.

This parade will go on - I can't wait for Mozilo to get up there.

But one of these CEOs is gonna point the gun right back on the Senators and Congressmen grilling them.

It was the monkeys who did nothing who let this happen.

We need a special prosecutor to be named right now. Today. And you'll be amazed at what he finds.

It'll make the Keating 5 and abscam look like a walk in the park

Anonymous said...

WTF IS GOING ON IN THIS COUNTRY!

Anonymous said...

Cramer's panic: A signal to buy stocks?

Barry Ritholtz says Jim Cramer's advice to pull any money you might need in the next five years out of the stock market might be "a giant buy signal," based on the notion that when the news media finally figure out that a trend is big REALLY BIG, it's probably close to being over.

As I have said in the past, I don't like to harp on any one person. I also don't want to be a Cramer stalker. But DAMN if that headline doesn't smell like a giant buy signal.

The market down 30%, the VIX spiking to 56, and Cramer giving a panicky SELL on TV this morning. We have a 9,500 downside target, and the likelihood of an emergency action makes us want to get long -- at least for a trade . . .

We are putting a toe in the water here.

Anonymous said...

Everyone get your f*cking pitch forks ready, lets head to Washington!

Anonymous said...

This baby is crashing!! Once the S&P 500 goes below 1000, all hell is going to break lose!

Anonymous said...

Keith,

Setup a special thread for life blogging this market is going down 1300!

Anonymous said...

Who cares what Cramer thinks? He's just a game show host. Would you take stock advise from Wheel of Fortune?

Anonymous said...

Who decided it was a good idea to give a mortgage to anyone who had a pulse? This is from a HUD press release, 9 - 2000.

HUD No. 00-231 FOR RELEASE
(202) 708-0685 Monday
http://www.hud.gov/news.html September 12, 2000

NEW YORK – Housing and Urban Development Secretary Andrew Cuomo today unveiled a new program that makes the dream of homeownership achievable for more than one million working
families now receiving HUD Section 8 rental assistance vouchers. Under the program, Section 8 rental
assistance vouchers can be used to purchase homes.
“Homeownership is the best way to build strong, vital neighborhoods,” Cuomo said. “Under
President Clinton’s leadership, homeownership rates in the U.S. reached record levels. Thanks to the legislation he signed, today we can tell 1.4 million families you don't have to be a renter forever, you
can be an owner, and we're going to help you do it.” Secretary Cuomo announced the program during a
speech today in New York at Columbia University’s prestigious Moran Weston Lecture Series.
The new homeowner program reflects years of work by the Clinton Administration and the program received favorable marks when it was tested last fall in more than a dozen locations including,
Syracuse, NY; Danville, VA, Philadelphia, PA; Nashville, TN; Charlottesville, VA; Yonkers, NY;
Montgomery County, PA; Suffolk County, NY; Las Vegas, NV; southwest Virginia; and Colorado,
Hawaii, Vermont and Mississippi.
“A dozen families have purchased homes during our pilot program and the public comments
HUD received were overwhelmingly in favor of expanding use of the vouchers to cover mortgage
payments to the entire nation,” explained Cuomo. “This program makes good sense, if a person can pay
a mortgage for the same amount or less than they could pay the rent, why not allow them?”
Once the program goes into effect in October, vouchers may be used to purchase a new home, an
existing single-family home, a home under construction or shares in a cooperative.....

Joe6pack's Wife

michael said...

two weeks agot the douchebag was saying buy wachovia.

he should be in jail with the rest of them..

Anonymous said...

Cramer likes to have it both ways. He will say it's a great time to buy and then two weeks later he wants to sell. Then he will publicly say "buy boooyaaaahhhh". Thus all of his legions of followers will say "oh Cramer was right all along".

Look up this guys actual investment record and you will see he is only right 48% of the time (the Motley Fool has a record of all of his picks). His claim to fame was running a hedge fund, he made his money and then quit (smart guy). Cramer is no Warren Buffett, Jim Rogers, or George Soros and he doesn't have the record to prove it either!

keith said...

I'm seeing prices, yields and P/E's on some stocks that I never thought I'd see. And yet I'm not buying them right now.

Sometimes investing doesn't make sense. You buy when prices are high and when they're low like today you don't buy.

We humans. We're funny like that.

Anyone buying?

Or just enjoying your hot buttered popcorn?

Fiat Lifestyle said...

I love it, 2 houses going into forecloser on my street. I moved in in 1998, my house was $225,000. In 2005 the idiot across the street from me paid $850,000. The guy was over there with his hood open, I went over to ask the problem. I was like, "looks like a dead battery". His wife starts freaking out, "we can't afford a battery" HA HA HA, you can't afford this house either! I love it, this is the same guy who was telling me I'm stupid not to get into more property. HA HA HA. BURN BABY!!! BURN!!! Now let's see, where's my violin?

Anonymous said...

Fiat Lifestyle said...

I love it, 2 houses going into forecloser on my street. I moved in in 1998, my house was $225,000. In 2005 the idiot across the street from me paid $850,000. The guy was over there with his hood open, I went over to ask the problem. I was like, "looks like a dead battery". His wife starts freaking out, "we can't afford a battery" HA HA HA, you can't afford this house either! I love it, this is the same guy who was telling me I'm stupid not to get into more property. HA HA HA. BURN BABY!!! BURN!!! Now let's see, where's my violin?
------------
That pretty cruel, never wish bad upon anyone. Karma's a b*tch!

Anonymous said...

The contrarian in me would also see Cramer's admonition as a signal to buy, but he is a weather reporter, not a forecaster.

Cramer found out about the housing bust when he sold property at a loss. The crash was obviously well underway by then, but by no means over. The same reasoning applies here, his advice is good, but late.

Anonymous said...

god..i want a cigarette.......plant tobbaco@@@@@@@@@@@@@@@@@@@@

Frank@Scottsdale-Sucks.com said...

cramer hits the bottle. kudlow back to the blow. bush wanders the white house drunk like nixon. mccain pretty much gives up after one last spasm of hail mary attacks. obama realizes he's now a depression-era president.

LOL!!

Except for one correction - Bush isn't wandering the white house drunk - he's giddy to get out of there and chilling out planning his retirement back in Texas! Three more months and it's someone else's problem.

Anonymous said...

NASDAQ down 8% and in freefall

We're seeing 1929

sandman said...

Hop "off" the bus Gus... don't need to discuss much.... Just drop off the key Lee and set yourself free... there must be 50 ways to leave your lover

Germany's Finance Minister Peer Steinbrueck made clear his government's opposition to the idea that the euro zone's single largest economy should put up money to prop up institutions outside his country.

He said Monday that he and Chancellor Angela Merkel were considering creating a "shield" that would protect the country's entire financial sector, and that a Europe-wide shield or bailout was out of the question. "The chancellor and I reject a European shield because we as Germans do not want to pay into a big pot where we do not have control and do not know where German money might be used," he said in a separate interview with WDR 2 radio.

http://biz.yahoo.com/ap/081006/eu_europe_meltdown.html?.v=9

Anonymous said...

Keith, how about a live thread while we watch this free fall?

eric in vegas said...

Keith, there will be plenty of great buys but it's way too early. Patience.

Anonymous said...

You might think I'm nucking futs, but I bought some fannie shares today. They're only a buck a piece. I figure there is no way they will be nationalized and the gov will soon announce that they are buying all their crap. Almost no downside here. Their debts are too large to nationalize, even for the land of the americano (aka the roasted snapper turtle).

I'm not buying anything else though. Too much of a roller coaster for me.

Anonymous said...

S&P at 1014! If this shit goes under 1000....GOD help us!

Anonymous said...

To all the greedy SOB at wall street! Market Forces is your daddy!

Anonymous said...

In this present crisis, government is not the solution to our problem; government is the problem.

Anonymous said...

Burn Baby Burn. You dumb fuck Congressman and retarded investors who bitched because you wanted the bailout got taken for a ride. They manipulated the market for 2 weeks and now that they have their 700 billion the bottom is falling out.

SUCKERS! Heads are gonna roll for this.

Anonymous said...

Anonymous said...

You might think I'm nucking futs, but I bought some fannie shares today. They're only a buck a piece. I figure there is no way they will be nationalized and the gov will soon announce that they are buying all their crap. Almost no downside here. Their debts are too large to nationalize, even for the land of the americano (aka the roasted snapper turtle).

I'm not buying anything else though. Too much of a roller coaster for me.
----------
Thats good that you donated some money.

Anonymous said...

Its not even 3pm yet. If the DOW is still down 700+ points all hell is going to break lose! We could see -1300. I believe that is when the market safe guard takes effect and trading is halted!

Anonymous said...

Crash? Heck, the Dow's only down about 700 right now. We'll see lots of bigger drops in the near future. We're just getting started.

Anonymous said...

.




IT HATH BEEN FORETOLD




.

George L said...

funny thing,had a dream last night where I'm riding a train,it derails and the conductor knew it, he was calm.we crashed,I was able to walk away with some scratches as a few others did but many weren't so lucky.also,I had this sense of calm and peace I haven't felt in years.

wonder if it has anything to do with the current situation in our economy...

Anonymous said...

eric in vegas said...

Keith, there will be plenty of great buys but it's way too early. Patience.
----------
Buy? The dollar is toast!

Anonymous said...

Democrats gave us Fannie Mae, Freddie Mac, socialism, unions, $700 billion bailout....


...and now the crash.

Don't you worry, the "community organizer" from Detroit will make everything tip top with his "experience" running a communist newspaper tabloid at Harvard.

Anonymous said...

Seems like those 700 Billion Dollars in bailout money is already gone. This market could easily lose over 1 Trillion dollars today.

The the amount of businesses and banks that will be affected by this will be staggering that the bailout money just won't be enough to save anyone.

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Find content and recipes to suit.

Anonymous said...

"America, withal, for centuries had been kept hidden, as are certain Bodies of Knowledge. Only now and then were selected persons allow'd glimpses of the New World,--"

Anonymous said...

PUMP PUMP PUMP

DUMP DUMP DUMP

Anonymous said...

Here is the big Pump folks!

Follow by the huge dump!

Anonymous said...

I think I just saw DOPES fly by my 15th story office window. He was talking on his Iphone and on his way down.

Anonymous said...

.




THIS IS NOT CAPITULATION. NOBODY IS CRYING YET.




.

speedingpullet said...

anonymous said...
S&P at 1014! If this shit goes under 1000....GOD help us!


I'm buying some SPDRs when it goes below 950....

..just sayin' ;-)

Anonymous said...

PPT! PPT! PPT!

3PM RESCUE AGAIN RIGHT ON SCHEDULE AND WE'RE ALL SAVED (FOR ANOTHER DAY)

Anonymous said...

What happened at the end of the day???

The Dow rallied 400+ Points!

Crazy Sh*t.

Dow down 800 then down only 300 to 400???!!!

Who the heck it buying this market?

Anonymous said...

The bottom is IN for the stock market as of the close today (monday 10/6/08). Cramer's call to get out of the market will be noted forever as the bottom. We survived.

Batman said...

3pm ppt save right on time. They can't keep it up for good kids. Now without the printing press overheating!!!

Anonymous said...

.




PPT FIGHTING TO KEEP DOW OVER 10,000




.

Anonymous said...

Sold everything today....Put in Money Markets... Agrchxhfosanhf;o

jim said...

"PPT FIGHTING TO KEEP DOW OVER 10,000
"

WHUHU!!
Made money on the way down, and the way up! I managed to time it!

/Got Lucky.

Anonymous said...

Printing Presses keeping this country alive right now! But there is only one way but down! Market Forces will not be denied their day!

Anonymous said...

If all the chicken littles that posted today that the end is near and would stop posting immature irrational quips that prove to be wrong , that would save a lot of BS.

Have some b_lls and suck it up.

Cramer is a transformed Wall st guy to actor. Not to be trusted.

Andrew Hac said...

This is it.

It is the end of the glorified era of the Americano AKA the land of the Great Snapper Turtle

You all saw it coming ten years ago but you were not willing to stop the plunge. Instead you were more than passionate to participate in the orgy of spending the money that you do not have, fattening up yourself and your kiddies with artery-clottening grease from McDonald. You went out and bought a humongous, 8 cynlinders, running-down-the cow SUV so you can drive 200 miles to go visiting a camp site while all feeling good about contributing to the Americana economy as a glorified consumer.

Well now, it is finally the twilight zone time and the chicken are coming home to roost.

#####

This nation and most of its citizens, residents, dwellers, occupants have no ethic, no moral, no responsibility, no duty, no honor, and last but not least, no brain. What it has in plenty is greed, self-centerness, self-righteousness, ignorance, pompousness, lust, materialistic craze. An Easter-Island society comprising of no family value, no respect or caring for the world and the land they live in, the surrounding environment, no caring, husbandry for the long term future

The housing bubble is a shiny mirror in which the Americano can look at itself and ponder upon what may the future brings upon this land of the Snapper Turtle AKA the land of the Skunk.

A nation that mostly comprises of wallowing, scaby pigs feeding, tearing, roosting, chomping at the trough.
A nation with most of its dwellers obese, fat, diabetic, and plain ugly like a chimpanzee.
A nation where a Walmart cashier can buy a house for $500K.
A nation in which its citizen's brain IQ is lower than a snapper turtle.
A nation which rules by turkeys, skunks, and rats.

The Americano nation is as toasted as a roasted armadillo skewered from mouth to ass sizzling, fat popping, juices oozing with melted golden fat over a bed of white hot charcoal.

::: Yummy grilled Snapper Turtle :::
::: Yummy roasted the Americano nation and the Housing Bubble :::

Anonymous said...

I agree if Cramer is urging the sheeple to sell..Its a fine time to buy some companies. especially companies that are going to be building the infrastructure of the US...(steel, rubber, trains)

Anonymous said...

Dow was up 500 points the 1/2 half of today.

DOPES!

vanilla ice said...

"The government needs to step in an insure everything."

F you Cramer.

Fiat Lifestyle said...

Fiat Lifestyle said...

I love it, 2 houses going into forecloser on my street. I moved in in 1998, my house was $225,000. In 2005 the idiot across the street from me paid $850,000. The guy was over there with his hood open, I went over to ask the problem. I was like, "looks like a dead battery". His wife starts freaking out, "we can't afford a battery" HA HA HA, you can't afford this house either! I love it, this is the same guy who was telling me I'm stupid not to get into more property. HA HA HA. BURN BABY!!! BURN!!! Now let's see, where's my violin?
------------
That pretty cruel, never wish bad upon anyone. Karma's a b*tch!

Let me see, people overextend themselves and expect myself and everyone else to bail them out, well, FUCK THEM! They get what they deserve. Now it's all headed to the bottom, and I'm riding it all the way. BWAAAAAA HA HA HA HA.....BWAAAAAAA HA HA HA HA

Anonymous said...

So much for the GOOG I bought at 750.