Hold market doomsayers accountable
In light of this startling September rally, analysts who forecasted doom should own up to their mistakes.
By Jim Cramer, TheStreet
I am reminded of these technical travails as I prepare my "Chart Week" segments for this week and go over the points made by RealMoney contributor Dan Fitzpatrick on my show last night. He was talking about how reliable patterns are clues, not gospel, and how even the most obvious of them -- the dreaded head-and-shoulders pattern -- didn't play out this time around after Monday's breakout.
We were meticulous on the set beforehand, going over every single detail about levels that were hit, including the notion that we may have been repelled at a key Dow level Monday and that some people would regard the late-day action as a "reversal."
I wanted to nail it to make sure that the technicians who have stuck their necks out and said we were going to decline weren't able to use the end-of-day 20-point Dow decline to declare victory and say that we are now in a new down leg. Dan made a point to say that he expects backing and filling right here but that the next breakout is the upside.
I care about this because I care about accountability. I did a huge segment Friday about how I was so wrong about Cree (CREE) and Rubicon (RBCN), among others. I then followed up with mea culpas last night on Owens Corning (OC) and SanDisk (SNDK). I could have easily said in every case that I was just early. Instead I ate the proverbial crow.
When do the Death Cross people eat crow? Or were they just "early"? When does the guy, no doubt in his pajamas, who came up with the Hindenburg omen eat crow? When do the reporters who chronicle this stuff either eat crow for doing the stories or go back to those who predicted doom and ask them what happened?
Why do I own up and they don't? How can they get away with it?
We have had a miraculous run here. One of the greats. At a time when September, we were told, is dangerous. Where are the Cassandras now?
My advice to all of these people is to simply say: "Hey, I get a lot right. This time I got it wrong. I am sorry."
Then you know what I would say? I would say: "Thanks. I appreciate that. We all do."
Instead I am just amazed. Had I been wrong -- had the market gone down during this period, had Apple (AAPL) dropped off the face of the earth instead of rising almost 20 points since I blew up an Apple onstage -- can you imagine the ridicule I would face?
Seems very wrong to me. Time to own up, people. I can't call you out anymore. When I call people out, it is like a sledgehammer.
Others can. Including you. Do it.
At the time of publication, Cramer was long Apple.
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Stocks are facing some serious resistance as the bears tear into the market's respite.
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