Keith,
Exactly - I find it not surprising that Cramer has thrown in the towel right at the bottom, predicting further carnage, downgrades, etc. The guy just cleaned up for $250M personally by taking his website public, and he doesn't even believe in internet stocks.
He has a history of selling out at the bottom - he did last year right at the bottom in the fall. Check out the expose' articles about him in NY Times, Bear-uns, etc. His Hedge Fund returned a grand 2% last year, in a rip-roaring year! Really Cramer does not appear to have proved himself as a true $250M hedge-fund scale trader - historically, he has been employed as a long-term, small-cap investor style of hedge fund manager, and a talented journalist. He admittedly trades his big stock and options gambles almost exclusively off of rumors and "legal" inside information from his pals on Wall St. Incredibly, for a guy who calls himself "the Trader", he does not "believe in" charting or T.A. black-magic. Go figure!
I find his columns excellent, educational and very entertaining, though. Of course, he's laughing all the way to the bank and we're all paying him $10/month for his Billion Dollar website!
-Steve |
