Bloggy Synchronicity
I just got this email from Jim Cramer.
“I want you to stay the course. This rally is real,” Jim Cramer told the viewers of his “Mad Money” TV show Thursday.
He said this time there’s real news behind the market’s upward momentum, adding “we’re not done yet.”
Cramer’s said all along that he’d turn positive on stocks only when he saw real signs of improvement. He said ever since Lehman Brothers was put down like a dog, every day seemed to be worse than the one before, until this week.
Then he goes on to tout a couple of stock before he gets to the money quote:
Second, Bank Of America (BAC Quote – Cramer on BAC – Stock Picks) announced that it’s profitable. He said banks are making money and are under less scrutiny from the Fed.
Huzzah! LESS scrutiny…Long live free enterprise!
I don’t think we’re out of the woods yet. I think there’s new waves of foreclosure coming and the banks will be in trouble all over again.
Why are they getting less scrutiny? If anything, they should get more so that they don’t take taxpayer money and play around with crazy risks again.
Cramer has always been a moron. Jamie Diamon made a really good speech yesterday and made points that no other bank ceo will make. he should be the next treasury secretary.
BTW…bought BAC at 3.20…now at 6.20…there is 3k profit. i’ll start selling 100 shares at 6.30 and a 100 every 50 cent increments. if it drops below 6, i’ll hold.
arthur…how much are you losing out on commissions with your incremental selling of 100-blocks? If you take $10 as a commission and you are selling them at 50-cent increments, then you lose 20% to “take advantage” of those increments. While still a gain, it just seems somewhat financially masochistic to do it that way.
smitty – its my own trading account…no commissions, well except those paid to myself.