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Non-Tech : Bank of America
BAC 55.64-2.8%Jan 7 4:00 PM EST
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From: djia1013621/22/2010 8:00:23 PM
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This Dip Cannot Be Bought

By Jim Cramer
RealMoney Columnist
1/22/2010 3:54 PM EST
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Nothing to like. Nothing at all. Just nothing. We can't have a president who is declaring war on Wall Street and spoiling for a fight, as he says so himself, and think that stocks can rally. We can't have the premier investment house of our time in free fall and think it doesn't matter. We can't have the Federal Reserve chairman under attack after all he has done and think that things are fine.


We can't have Tim Geithner's job in doubt and believe that all is well.

We cannot regard the president's decision to go harder left after Massachusetts as a buying opportunity.

I do not like this market.

I cannot see why we need to be in until these issues are resolved or until the prices are so low that the resolution doesn't matter.

Neither has happened,

So, I ask, why buy?

You know me as a dip-buyer. I like to buy dips when the fundamentals are good, but stocks are going down. I like to buy dips when the macro outlook is good and getting better.

You need both.

You are losing the latter. It is getting worse because of politics.

So, there is no reason to take "advantage" of this dip, because it doesn't fit my criteria of what makes for a good buying opportunity.
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