Buyers are on strike
Stocks have become playthings for forces that have nothing to do with fundamentals or prospects.
By Jim Cramer, TheStreet
So, the shorts cover their positions in anticipation of a deal with Greece -- what you see on your screen now. The moment the deal occurs then the shorts get put on again as we play dominoes and we go after Portugal or Spain or Italy.
This is investing in 2010 -- break the stimulating countries. It is too easy not to. What's going to happen? A big rally?
Do you think that with these budget deficits there isn't going to be a story every single day that can send an inter-linked market down?
Monday's sickening 100-point decline was a silent killer. On no volume. Just a waterfall. No buyers? Why bother?
And it wasn't so much of a "buyers' strike" as a recognition that stocks are playthings for bigger forces that have nothing to do with earnings per share or prospects going forward.
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I always like to think of it like this: The likelihood that Goldman Sachs (GS), knowing its risk pattern, isn't short these markets is remote.
I am sure that they are making a fortune in this tape. But in the end, Goldman is part of the S&P 500 and that's going down.
So who cares?
At the time of publication, Cramer was long Goldman Sachs.
Jim Cramer is co-founder and chairman of TheStreet. He contributes daily market commentary for TheStreet's sites and serves as an adviser to the company's CEO.
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