Sell-off seems more like the real deal
This bump might indicate that things are worse than business as usual after all.
Aided by Dupont (DD) and Texas Instruments (TXN), are we just going to go right back to where we were before the programs kicked in? Was this some errant bet by some market player who believed Romney would score a KO Monday night and Romney is better for stocks than Obama?
Seriously, that whole move is a total head scratcher. When I was trying to write my open for last night's show, I was acutely conscious that by the time I finished having my makeup applied, which actually takes about seven minutes, the market's coloration had changed and changed for the positive -- for no reason whatsoever.
Of course, when it's happening, you think the decline was for no reason whatsoever, given that the last word is so final in this game.
Now we look at the landscape and we think perhaps Friday's sell-off was the beginning of something bigger?
How about this way to look at it: We are seeing some weakness in the industrials but pretty good performance in other sectors, including domestic housing and banks. We are seeing pronounced weakness in tech as that sector shrinks. We are seeing that oil and gas can't rally when Iran is making nice, something I didn't think would matter much but is clearly a cause and effect the day after a debate, when nobody seems to want to upset Iran.
And we have the higher-yielders hanging in as slowdown talk intensifies.
To me, that feels like slightly worse than business as usual, so the run-up was a joke.
This feels more like the real deal, and I am beginning to believe it will remain that way until tech plays a smaller role in the S&P, because it is tech and even the tech divisions -- think Dupont -- are hurting this market.
Jim Cramer is a co-founder of TheStreet and contributes daily market commentary to the financial news network's sites. Follow his trades for Action Alerts PLUS, which Cramer co-manages as a charitable trust and is long DD.
More from TheStreet.com
today the market is all about the computer trades. super analysis of response systems and response programs. a battle of computer against computer. get one to fake a rise, then sell. get one to fake a fall, then sell.
has little to do with the value of a company anymore
OBAMA: "I will not raise taxes for anyone making less than $250,000? (LIAR) Taxes go up Jan 1st for 163 million people, most making less than $250,000??
Obama, who has already spent a billion dollars on his campaign just borrowed another $15 million from Bank of America for more campaign funds?? (Is this a guy that you want to run the US budget?)
R+R ... take it to the bank.
Stock market tumbling because the economy is in the toilet, inlation on the rise, we have no more money for an economic stimulus because Barry already spent all the money?? Forclosures are at all time highs and the banks aren't proccessing them quickly enough because there are so many ..... the rest of the world leaders hate Obama who is lying to the American people about what happened in Libya .......
The election is tied, but with the country in the toilet and the people in this country already in the toilet .... can you say Jimmy Carter???
Can you say bye, bye, Barry!!!
Bargains ! Bargains! and more Bargains! Now my dividends will buy even more stock at reduced prices ! Thanks guys !
I am all out and three brokes called me today.....after 3 weeks of taking easy........Brokers are going crazy brokers are trying to dump it now...it was all their own preferred stock at over priced prices...trying to raise capital and the pressure back up......I laughed at all three and tolled them it is suicide...the real blood bath has started is about to get BIGGER and it is going to be BAD....and after a minute into explaining to them my reasons why to them they took my advise and hung up......! THEY ARE TRYING TO STICK YOU WITH WORTHLESS JUNK...!!!
Reasons #1 After 4 years of cutting employees, cutting benefits, cutting hours worked and cutting other cost...They CAN NOT CUT ANY FURTHER......THEY WILL GO OUT OF BUSINESS......LOOK AT ALL THE CASUALTIES SO FAR........ Reason #2 Those Comapanies that merged or HAVE NOT REALIZED THE COST SAVINGS OR TAKEN ADVANTAGE OF THE SYNERGIES or BECAUSE OF HIGH DEBTS TO FINANCE THE TAKEOVER HAS ONLY SEEN A REDUCTION OF TRENDING SALES.....THEY WILL IMPLODE...!!!! Reason #3 ALL THE MAJOR TRANSPORTATION INDEXES ARE DOWN, TRAFFIC IS DOWN, RAIL IS DOWN, GAS INVENTORIES AND PRICES ARE UP.....THIS WILL LEAD TO A GREAT COLLAPSE...!!! THIS IS WHATOBAMA AND BEN AND THE FED CROWN OF ENGLAND HAVE BEEN HOPPING FOR....!! THE NEW WORLD ORDER TO SAVE THE WORLD...!!! IT HAS ALL BEEN PRE-ENGINEERED...!!!! OVER THE CLIFF WE GO...!!
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