Downside in a ghost town
The bears will be making a stand on this snow day.
By Jim Cramer, TheStreet
Oh great, a nobody's-around snow day, which means that there will be no bidders underneath as the equity-destroying hedge funds smack down our stocks and yesterday's bulls become today's timid calves.
Given that the market is still in well-overbought territory, given that it is close enough to the weekend to make it so that players who shouldn't have to worry about 2% of the EU's GDP -- Greece -- will be, today's as good a register-ringing day as we have seen in a long time.
Yesterday I posted a piece that said perhaps tech was finally starting to break out of this trap because gold was down and only oil was up. I am not even saying, "Let's see if tech survives today's test" because there are too few players and the bears have to make a stand here.
Usual suspects: Quick bangdowns of the 100-plus crowd: Apple (AAPL) and Goldman Sachs (GS). A footrace to get those shorts off. Tech's cheap, I don't fear much of a downside: Apple to $197. Goldman has to repeal several of its points because you have to figure that Obama reiterates the Volcker Rule in one of his myriad TV appearances. More health nonsense as that war drags out. Best to pay with capital gains, right in Goldman's wheelhouse, while stripping Goldman of its diversified businesses.
So cue on those two. If I had to short a particular group, I would pick Retail HOLDRS (RTH). Extended multiples and big moves with some more retailers reporting that can be interpreted as negative with this gloomy, lockdown snow day upon the East Coast.
At the time of publication, Cramer was long Apple and Goldman Sachs.
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Try as the bears might, they couldn't break US stocks. But investors still face frothy prices and considerable headwinds.
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