Cramer: "More Bad News Is Bringing Us Back Down"
1 Mensagem
|Página 1 de 1
Cramer: "More Bad News Is Bringing Us Back Down"
"More Bad News Is Bringing Us Back Down"
By Jim Cramer
RealMoney Columnist
12/3/2008 7:06 AM EST
"Slew of bad news to wake up to. Freeport (FCX - commentary - 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 (RIMM - commentary - Cramer's Take) overnight becomes Nokia (NOK - commentary - Cramer's Take) or maybe even Garmin (GRMN - commentary - 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 (X - commentary - 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.
The one good bit of news: We won't be set up for a huge fall if the Brits and the ECB don't slash big. Could they be waiting for $40 oil to make their move?
Everyone wants to call a bottom here. I continue to think we can hold prices down about 1,000 points, but there is too much daily bad economic news to stay up here.
The bad news is for real -- tech, oils, minerals are headed back down. Those are important props. If done correctly by the bears, you can take everything down on these, as we are about to see some hideous November retail numbers.
Just a crummy market because business is, well, crummy.
And just because systemic risk is off the table, earnings are still on the table, and those are just plain bad.
At the time of publication, Cramer was long Freeport-McMoRan. "
(in www.realmoney.com)
By Jim Cramer
RealMoney Columnist
12/3/2008 7:06 AM EST
"Slew of bad news to wake up to. Freeport (FCX - commentary - 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 (RIMM - commentary - Cramer's Take) overnight becomes Nokia (NOK - commentary - Cramer's Take) or maybe even Garmin (GRMN - commentary - 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 (X - commentary - 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.
The one good bit of news: We won't be set up for a huge fall if the Brits and the ECB don't slash big. Could they be waiting for $40 oil to make their move?
Everyone wants to call a bottom here. I continue to think we can hold prices down about 1,000 points, but there is too much daily bad economic news to stay up here.
The bad news is for real -- tech, oils, minerals are headed back down. Those are important props. If done correctly by the bears, you can take everything down on these, as we are about to see some hideous November retail numbers.
Just a crummy market because business is, well, crummy.
And just because systemic risk is off the table, earnings are still on the table, and those are just plain bad.
At the time of publication, Cramer was long Freeport-McMoRan. "
(in www.realmoney.com)
-
- Administrador Fórum
- Mensagens: 31013
- Registado: 29/10/2002 4:04
- Localização: Aveiro
1 Mensagem
|Página 1 de 1
Quem está ligado:
Utilizadores a ver este Fórum: 947105jpsn, Google [Bot], IX Hispana, latbal, m-m, mjcsreis, nunorpsilva, OCTAMA, PAULOJOAO, peterteam2, PMP69, trilhos2006 e 195 visitantes