AUTOREFRESH 
The Bears retaliate against Cramer’s Assault
By tonysan || February 4, 2010 at 20:02 GMT
|| 8 comments || Add comment
http://www.cnbc.com/id/15840232?video=1404043391&play=1
Great video from Jimmy boy as he rages against the bears yesterday…the bears respond today…
This guy will probably only be ‘bearish’ when the Dow is at 600
I love him to death and really enjoy his show, but he’s a “mega bull” that will end up getting a lot of his followers, bit. Calling a housing bottom right smack dab in the middle of “The Grand Canyon” of all housing problems, is rather nutty.
“the bears respond today…” I missed that! Good one, Tony.
Expected Sell orders in the close were met with very large buying in the S&P futures. Also seeing large selling in 10 y treasuries after stocks cash close..Odd thing fwiw, but no idea who and/or what is behind that (I’d risk profit taking ?but it sounds a bit trivial)
If this is a vanilla 10% correction, we’ll get down to 1035 on the S&P- if eur/usd moves down in tandem it’ll get to about 1.33, which is about fair value. If this is a bear market correction, we could see 920 on the S+P, and we could see eur and aud make dramatic down moves against the usd and the yen. Cramer is a good guy, but he loses perspective sometimes. aussie broke it’s long-term trend in november, then a lot of other markets broke their trend lines. in december goldman sachs, a key market leader and leading indicator, was sporting a pe of 8.2 and a head-and-shoulders technical pattern. that something was wrong with that picture was clear in mid-december when mccain introduced legislation to re-instate glass-steagall. s+p broke it’s trend line that day. then the banks scurried to do to market with secondaries to raise money so they could re-pay tarp. the signals just keep getting clearer and clearer that we are going down. the question is how far- and where to get good entry points to add to shorts. looking ahead, at some point, perhaps september or october, when election season is getting people all riled up, i expect that the s+p will bottom out around 800. that’s probably the time to build long-term long positions in one’s favorite assets.
Cheg, maybe PPT.
“the signals just keep getting clearer and clearer that we are going down. the question is how far- ” Dow 4200
Believe it or not, I am a regular reader blogger at Jim’s Real Money/stockpickr site…..I have been blogging there since 2007….it has been one incredible learning curve and I think both of us have learned a lot since then.