It’s just two days short of the 10-year anniversary of the October 8, 1998 low – the low that cemented Jim Cramer’s reputation as the Worst Analyst in Modern Times. Mid day on October 8, 1998 things were looking bleak for stocks when Cramer penned his ‘looking into the abyss’ mid day update. He pretty much told everyone that we had reached the end of the world. Minutes after the release of that update, stocks rocketed skyward. And now, one decade later, he’s doing it again. I’m willing to wager that Mr. Cramer is just as much the blithering idiot now that he was back then. Maybe the guy can pick stocks. He certainly is an entertaining television variety act. But his ability to call general market direction is abysmal and to read his comments today, must warm the hearts of stock market bulls everywhere.
Here’s the scoop…
Jim Cramer: Time to get out of the stock market
“….In what Curry called a “dramatic statement,” Cramer emphatically urged any investor who has money they may need in the next five years tied to stocks to pull their dough out….he’s now saying retreat is the best position in the face of some of the worst financial news in decades. The bank lending default crisis that put financial firms around the country on the brink of collapse could bring “as much as a 20 percent decrease in the stock market,” Cramer predicted…”
Look – I’m long-term bearish too, and yes we will lose 20% in the next couple of years. So in the long run, Cramer will be right. But his track record for exhibiting extreme, vein-popping emotion at exactly the wrong time over the years argues for a short-term low now.
9 responses so far ↓
1 bwanadik // Oct 6, 2008 at 12:21 pm
Calling Cramer a blithering idiot is offensive to blitherers and idiots around the world.
2 hbcapital // Oct 6, 2008 at 1:24 pm
I agree with you about Cramer being a blowhard. But he did run a successful hedge fund for 15 years and make annual returns of about 20%, so he certainly must know how to trade and make money in the stock market.
3 deuxsous // Oct 6, 2008 at 2:01 pm
Fortunately I kicked the CNBC habit a decade ago, but from what I hear of him I would agree.
Also my favorite fundamentalist market and economic analyst agrees with you on the near term in today’s weekly sermon:
http://www.hussmanfunds.com/wmc/wmc081006.htm
Crashes can be fun in you have cash and are verrrrrry selective.
4 AndyB // Oct 7, 2008 at 4:05 am
OK, so lets see how Cramer compares to Fibonacci on the S&P500.
This week is 21 weeks from the highest weekly close on 16 May; 13 weeks from the lowest weekly close on 11 June; 8 weeks from the highest weekly close on 15 August, AND 10/10/08 is 144 days from the May high!
5 tobject // Oct 7, 2008 at 9:21 pm
Finaly got Spiral Calendar book today
Q: on page 46 you say it is 11 days difference between old and new calendar.
not sure about England but in Russia
we have 12 days difference – we still celebrate Old New Year which is on 13th of January
So u sure it is 11 days instead of 12?
6 tobject // Oct 7, 2008 at 9:34 pm
someone mentioned Suzie Orman said the same thing couple of weeks ago
Hey, we finally get our capitulation
7 yzdeaner // Oct 8, 2008 at 2:55 am
With regards to AndyB’s calendar dates, was any of this discussed in the newsletter? Has anyone received the newsletter.?I “paid to offer” ($30 )on 9/1/08 and HAVE NOT received my copy. Chris’s email box is full, so can anyone forward me a copy of the newsletter.
Chris, sorry to post in this fashion, but after sending 4 emails (all of which were returned with the message-mailbox full) this is a last ditch effort to receive my copy of your newsletter.
yzdeaner
8 AndyB // Oct 8, 2008 at 4:17 am
yzdeaner,
My dates are not calendar dates; they are from my own analysis. They indicate a bounce is due in a one week period centred on Friday 10/10/08. I post it as an opposite view to Cramer!
I look for golden ratio time periods on different time frames, such as the 21;13;8 weeks mentioned. It works but the precision is only as good as the time frame. This is where the Spiral Calendar is great because the precision of projected dates is much better.
If I understand correctly there is no newsletter, just occasional ‘special reports’. I also donated $30 but I don’t think Chris has produced the report yet, maybe recent events have overtaken the report!
9 chris // Oct 8, 2008 at 9:01 am
The report is forthcoming. I appreciate your patience. I don’t think the email box is full – there was a problem with the server not cleaning out old messages after I reinstalled Live Windows on an old desktop following the destruction of my laptop.
This past weekend was earmarked for completing the report until my parrot of seven years flew out the door and into the woods. I spent the time searching for her instead. – and in vain unfortunately.
I am trying to keep readers apprised of current market opportunities as best I can.
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