Cramer: "Good News for Once"
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They are worthless. I believe much of this buying is desperate, a solid attempt to mark things up on the fourth-to-last day of the quarter, a move that should last to at least midday tomorrow before giving in to some more body slams later in the week.
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Cramer: "Good News for Once"
"Good News for Once"
By Jim Cramer
RealMoney.com Columnist
10/28/2008 6:58 AM EDT
"There's some genuine good news out there. First, the worst-acting groups and countries from yesterday -- the insurers and Hong Kong -- got some good news. The insurers are participating in the federal bailout, something that is needed to protect the value of annuities that are hopelessly underwater; and Hong Kong rallied more than it fell, which seems like total manipulation to me, but who the heck cares if you are a bull.
Second, the Boeing (BA - commentary - Cramer's Take) strike might end soon, and just in time for a lot of quarters, something that a United Technologies (UTX - commentary - Cramer's Take) and a Honeywell (HON - commentary - Cramer's Take) need to have happen to save their quarters. Those two fine stocks are an easy trade off this news but will presumably open up huge because of the ridiculous futures action.
As per usual, the hedge funds that most need this lift to get in shape won't take it. They can't afford to leave the market because it is their only way to get the performance back that they need so badly to keep some of the money under management.
My take is that the hedge funds, those that need redemption monies, will let it ride, which will then put no damper on the relief rally. Given the precipitous decline at the end of the day, right now we would be (like Hong Kong) rallying back to even, which will cause a whole new round of chatter that we are at last out of the woods. The people who give you this chatter never thought we were in the woods.
They are worthless. I believe much of this buying is desperate, a solid attempt to mark things up on the fourth-to-last day of the quarter, a move that should last to at least midday tomorrow before giving in to some more body slams later in the week."
(in www.realmoney.com)
By Jim Cramer
RealMoney.com Columnist
10/28/2008 6:58 AM EDT
"There's some genuine good news out there. First, the worst-acting groups and countries from yesterday -- the insurers and Hong Kong -- got some good news. The insurers are participating in the federal bailout, something that is needed to protect the value of annuities that are hopelessly underwater; and Hong Kong rallied more than it fell, which seems like total manipulation to me, but who the heck cares if you are a bull.
Second, the Boeing (BA - commentary - Cramer's Take) strike might end soon, and just in time for a lot of quarters, something that a United Technologies (UTX - commentary - Cramer's Take) and a Honeywell (HON - commentary - Cramer's Take) need to have happen to save their quarters. Those two fine stocks are an easy trade off this news but will presumably open up huge because of the ridiculous futures action.
As per usual, the hedge funds that most need this lift to get in shape won't take it. They can't afford to leave the market because it is their only way to get the performance back that they need so badly to keep some of the money under management.
My take is that the hedge funds, those that need redemption monies, will let it ride, which will then put no damper on the relief rally. Given the precipitous decline at the end of the day, right now we would be (like Hong Kong) rallying back to even, which will cause a whole new round of chatter that we are at last out of the woods. The people who give you this chatter never thought we were in the woods.
They are worthless. I believe much of this buying is desperate, a solid attempt to mark things up on the fourth-to-last day of the quarter, a move that should last to at least midday tomorrow before giving in to some more body slams later in the week."
(in www.realmoney.com)
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