Will megastorm be another earnings excuse?
Hurricane Sandy could become one more caveat, one more 'lost day' that couldn't be made up that shouldn't matter at all.
I have to presume this shutdown now comes under the category of "We would have made X if it weren't for the hurricane." We will then be suspicious of what business was really missed, especially in an online world. where people can shop on the Internet and make decisions about business that don't require them to leave their homes.
I mention this caveat only because these quarters that are just being reported are all about caveating. What would have happened if the euro had gone higher. What would have been the case if September were colder. What might have been the number if we weren't worried about the fiscal cliff. The economic turmoil in Europe cost us X.
Why is this so important? Simply because if business were really good, we wouldn't know the difference. We would just be saying, "Of course, sure, wow, that number would have been terrific."
But without government support -- not just for small business but for business itself -- we are caught here just twiddling our thumbs. The storm becomes one more caveat, one more "lost day" that couldn't be made up that shouldn't matter at all. It just makes things bleaker.
And bleak they are. The binary world we find ourselves in is who is doing badly right now and who is about to do badly. No one is thought to be doing well, except those companies that do a lot of business in China, because the perception that's becoming clear there is that the government simply overtightened and that policy has been turned over.
Of course, the companies you buy because of China are now suffering from weakness in the United States, and they are going to lose valuable days because of the storm, not just because of the fiscal cliff or the election, for that matter.
So we are all about alibis and alibis that don't hold up as we wait for everyone to disappoint, even the companies that aren't about to.
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 has no positions in stocks mentioned.
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Right on MG !!!!!! 8 more day's until we elect a president who knows how to unite our congress, to get things done for America without all of the left / right rhetoric !!
Also, in 8 more day's, those annoying 'vote for Obama' phone calls will stop !!
YES- there is a God !!
Just where the Hell IS CONGRESS right now? I'll bet YOUR fortune Jim, that it isn't anyplace good for America or Americans. PARTY OF NO: DESTRUCTION OF AMERICA MEETING- Cancelled due to hurricane winds.
He controls the weather and the global markets. right?
Kidding aside, I hope everyone in the path of the storm gets through it well and without incident.
Perhaps by the first week of Nov the DOW will gain 100 pts up from now.
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Do it once a year. This allows the best-performing asset classes to take off and run.
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