Stocks are in for a long day

It's hard to rally when the headlines are all about how banks colluded on this or cheated on that and need to be investigated further.

By Jim Cramer Apr 14, 2011 9:03AM

the streetjim cramerGood test today. If we decide that Portugal and Greece matter and we're just a logical extension of Europe, then it is going to be a really long day.

 

If we decide that JPMorgan Chase (JPM) and Alcoa (AA) are all that matter and that the hot IPOs, the Graham Packaging (GRM) deal and the decline in oil don't matter, we are in for a long day -- even as I could spin all of that in an incredibly positive light.

 

Still, I have to tell you, I had a pit in my stomach when I read that Sen. Carl Levin, D-Mich., has a report out charging that Goldman Sachs (GS) misled Congress during the financial crisis.

 

I said to myself: "No, you see, Lehman and Bear Stearns and Washington Mutual and Fannie and Freddie misled everyone, and Goldman was the one left standing and is therefore the target."

Amazingly, none of those other companies have people behind bars. They were the culprits!

 

But it doesn't matter.

 

At this point, if you defend a banker, you might as well just surrender your writing privileges.

 

I have come to believe that it is hard to rally on days when the headlines are all about how banks colluded on this or cheated on that and that they need to be investigated more and further shackled. Plus, they always bear the brunt of the woes of the PIIGS.

 

So tough day ahead.

 

At least for now.

 

At the time of publication, Cramer was long AA.

 

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.

 

Follow Cramer's trades for his Charitable Trust.

 

Related Articles

0Comments

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.

STOCK SCOUTER

StockScouter rates stocks from 1 to 10, with 10 being the best, using a system of advanced mathematics to determine a stock's expected risk and return. Ratings are displayed on a bell curve, meaning there will be fewer ratings of 1 and 10 and far more of 4 through 7.

123
123 rated 1
262
262 rated 2
480
480 rated 3
651
651 rated 4
649
649 rated 5
629
629 rated 6
616
616 rated 7
496
496 rated 8
346
346 rated 9
111
111 rated 10
12345678910

Top Picks

SYMBOLNAMERATING
EXCEXELON CORPORATION9
TAT&T Inc9
VZVERIZON COMMUNICATIONS8
CTLCENTURYLINK Inc8
AAPLAPPLE Inc10
More

VIDEO ON MSN MONEY

ABOUT

Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.

Contributors include professional investors and journalists affiliated with MSN Money.

Follow us on Twitter @topstocksmsn.