After catching a few soundbites of Cramer’s spiel today, we were stunned: for once theStreeter did not lose his marbles over an engineered, 20 handle, 200DMA breakout rally.
Quite the opposite. In what is likely a first, the Mad Money host actually told his viewers it is time to get out of the market: “I am calling this a bad rally.
This market has now become more depressing than Ethan Frome. Even the good days are now bad days. It’s almost as if the whole market is caught between 1st base and 2nd base.
So we get an endless rotating short squeeze in oil, in the banks, in tech, in discretionary…. But once the shorts are done getting picked off, we’ve got no more reason to run. It is a rally that stops that a blast of future selling comes in.
It is a rally that stops the moment the buyers just walk away. We used to have fundamentally based rallies – that’s not how this market works.”
The 10 minute rant against the market by the legendary permabull is simply shocking: he actually describes all the different dimensions in which the stock market is completely busted and discredited in a way that makes us jealous:
“This market is stupid. And it is hated for a very good reason. The market seems rapacious, arbitrary, capricious and downright ridiculous. It is a tale told by an idiot, full of sound and fury, signifying nothing.”
Submitted by Tyler Durden on 06/15/2010 19:36 -0500