Cramer has just called the August 25th Bottom
Six weeks late. This morning he was in rare form, declaring we have seen the top in the dollar, and the bottom in stocks and oil. He also mentioned that Icahn getting bearish a couple of weeks ago was another sign that stocks had bottomed.
With so many regular investors ignoring the Macro Sell Signals provided back in July it is tempting to be a trader as this feels like an easy market to read. Rally’s develop very easily and have a lot of verbal supporters. The problem is that the next sell off will happen quickly with a lot of negative power. We still hope to see the rally go to 2035 on the S&P, and maybe even a 60 minute punch up to 2070 before things let go. Then I would expect a drop to the low 1700’s to negate the Cramer bottom call.
It is interesting that polls show that the public at large is now Bearish on stocks, moving from Not Bullish, (they have really never been Bullish in this whole six year run). Our contention has been and will continue, the people closest to the real economy have not and don’t see anything to be bullish about. In the end the public will be correct on this one.