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Bulls Take a Stand - Cramer's Stop Trading! (10/10/08)

by: SA Editor Joan Wickham October 10, 2008 | about stocks: AAPL / BAC / C / GE / NYX    

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Joan Wickham

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Recap of Jim Cramer's comments on Stop Trading! Tuesday October 10.

Bulls Make a Stand - Citigroup (C), NYSE (NYX), Bank of America (BAC), Apple (AAPL), General Electric (GE)

"The bulls are making a very big stand," Jim Cramer said. He said money is flowing into stocks such as Citigroup, NYSE, Bank of America and Apple. The bulls are making a "concentrated effort" to prop up these stocks. They are keying in on Apple, he said, hoping to boost it up by $8 or $9. "The bulls want to take Apple up so bad, it's funny. I mean, look at it. Should anyone really be thinking about it? No!" Cramer recommended that if investors are thinking about buying Apple, they wait till 3:15 or 3:30 p.m. "That's when the fire power exhausts from bulls trying to keep the market up," he said. Cramer called the prop up of Bank of America “very encouraging” because it’s taking such an incredible amount of money to keep that stock trading higher. General Electric, CNBC's parent company, reported third-quarter earnings on Friday morning. "I think it's important to recognize that the General Electric quarter was exactly in line," said Cramer, who owns General Electric both personally and in his charitable trust. But he's more concerned about the credit markets. "The equity market is just a thumbnail compared with the credit markets," he said. "It's kind of like the Western world of finance is on the line here," Cramer said. "If I had the power, I would move the market up right now."

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This article has 16 comments:

  •  
    Oct 10 08:10 PM
    Cramer you dunce , you do have the power! Quit advising people to get out of the market!! Make recommendations based on concrete facts and experience
    Reply
  •  
    Oct 10 08:23 PM
    BTW, the title has Tuesday. Don't you dare send me back in time to experience that week over again! As for Cramer, I actually canceled premium cable so that I would no longer even accidentally see his face screaming idiot advice on CNBC. I do check in here to see what lunacy he's pitching though, as logic would dictate that when he announced to "sell this market" and "don't buy stocks for five years" if you need to keep your money safe, all of his shows should end. It's not like he's dispensing gardening tips, or teaching you how to drywall. What use is he now? Sure, what use was he before? He kept us all in the game so his Wall Street buddies could slaughter our 401K's, IRA's, and stock trading accounts. Bravo, my good man. Bravo....
    Reply
  •  
    Oct 11 01:22 AM
    The only stocks Cramer should be near are those used in the dark ages to punish people.
    Reply
  •  
    Oct 11 07:01 AM
    Cramer said. "If I had the power, I would move the market up right now."

    Very dear Cramer, You CAN move the market up right now!!
    Just stop talking. Don't come to work tomorrow, go away for a few days and do something you REALLY enjoy. Silently, very silently. Please.
    Reply
  •  
    Oct 11 08:00 AM
    Great advice on Apple! Everyone that followed it, missed the run up! But at least you are consistent at not ever calling Apple correctly!
    Reply
  •  
    Oct 11 08:00 AM
    Great advice on Apple! Everyone that followed it, missed the run up! But at least you are consistent at not ever calling Apple correctly!
    Reply
  •  
    Oct 11 08:02 AM
    Way to go on Apple. Those that followed your advice missed an opportunity to make money. But at least you are consistent--you have never called Apple right!
    Reply
  •  
    Oct 11 08:09 AM
    LET HIM LIVE; HE SAID MERELY ONCE WHAT HE THOUGHT; AND GUESS WHAT, PEOPLE CLOSE TO RETIREMENT SHOULD HAVE GOTTEN OUT OF THE MARKET WHEN HE SAID IT. THERE IS NO TIME FOR THEM TO COME BACK FROM THIS NOW. AS LONG AS THE FEDS ARE TRYING TO KEEP HOUSING UP, AND THEY WILL DO THAT, IT WILL TAKE SOME TIME TO ELEVATE THINGS; AND DON'T CONFUSE THINGS; INDIVIDUAL INVESTORS CAN'T MOVE THE MARKET THAT MUCH. IT'S THE FAT CATS WHO ARE DUMPING AND MOVING INTO CASH AND ALL SORTS OF EXOTIC STUFF. BE AWARE OF THE CREDIT SWAPS. THEY ARE NEXT. WELL AT LEAST SNEAKY PAULSON PLANS ON NOT LETTING THE BIG BANKS GO. WHICH IS SORT OF MAZING HE GOT THIS ONE RIGHT.
    Reply
  •  
    Oct 11 10:47 AM
    BxCapricorn said it the best. I just change the channel. Cramer is another good reason to sell GE. The fact that they keep him on TV and actually pretent to the world that he knows something proves bad management everywhere. The more people listen to Cramer, the more they will lose.
    Reply
  •  
    Oct 11 10:49 AM
    "There is a bull market somewhere and I will help you fine it."
    Well????
    Reply
  •  
    Oct 11 12:13 PM
    Last time you argue with Buffet, his buy and you recommend sell. Today you agree with Buffet, buy GE. Are you promote to one of Berkshire staff now?
    Reply
  •  
    Oct 11 02:14 PM
    Cramer work for NBC.
    NBC belong GE.
    What you think, Grasshopper ?
    Reply
  •  
    Oct 11 02:22 PM
    Oh, how narrow our thinking !! Wasn't it about 3 weeks ago, with the Dow sitting at about 10,800 that this Cramer guy told us that the Dow was going to drop to about 8,300 and for everyone to get out if they needed their cash in the near term?? So where is the Dow now? Let me see, oh yeah 8,450. I guess that was a bad call as well !!
    Reply
  •  
    Oct 11 11:17 PM
    "sell general motor and buy ford"he screamed !! i had no general motor to sell but i bought more ford at$8. wasn't it great?
    Reply
  •  
    Oct 11 11:52 PM
    Hounds,
    We are in a Cramer hating phase.. these lemmings who hate forgot or do not want to admit how or where this drubbing started. Now the blame game starts. Let's drag Cramer all the way down for he is the culprit behind it all. There are people here much smarter than I but by their comments you would not know it.
    Speaking of the blame game starting..Cramer did not start this mess. He, like the vast wilderness of folks have lost money in these markets. All you have to do is check his Action Alerts portfolio. If he could move the market as he has been accused of.. why is he losing that much money? Cramer is no dfferent than any of us in that sense. The market does not discriminate.
    He is not responsible for the current shape of the financial markets.. hell ,it trickles down to the little guys, the homebuyers. The CEO's got theirs and Cramers gets blamed for the market. Little guy fell for mortgages and even knew they couldn't make that ARM adjustment. Who better than the buyer knew they would not be able to make the payment after the first or second adjustment of the ARM? There had to be some concern. Yet they still bought in under the constant barrage of false promises of the lenders. I guess that was Cramer's fault too. Haters listen up.. Cramer did not get us in this mess. I will cede there were some mistakes along the way like that WB debaucle but that was a facade by WB's CEO touting the solid balance sheets. You haters want to do something productive, ask for the money back from these CEO's that amassed a fortune.
    Cramer bought into it like you and I did. He realized the wrong doing and reversed order demanding get out. And that was his fault for being told lies and believeing the company fundies? And that ws his fault for trying to do the right thing after he had a ton of egg on his face.. and he knew it would cost us in the end. You must n ot recall, he owned it. What else was he supposed to do. Go talk to those CEO's and blog that.
    Reply
  •  
    Oct 12 06:18 AM
    I would not blame Cramer for the sell off, I wish I would have lising to him I would have save me twently percent of my porfolio. We all try to understan the market but is anilmal that has no control. all you could is try hold on. im waiting on a up date would be out off the market. I belive that the usa market needs a big down day of 1500 fallow by 900 point and countinue with 350 points and at that monent you then have to go in at all strength at the closing of the 350 point day you need to buy.
    Reply
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