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Tuesday’s rally can be attributed to a bounce off an enormously oversold market, Cramer said on Stop Trading!. Enjoy it for a day or two, he said, but be prepared to sell.
Cramer did express bullishness on Goldman Sachs [GS
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], saying the options activity suggests the stock could be at $235 to $240 by the end of this week. GS could easily take out its 52-week high in the near future and is the only financial worth owning, he said.
As for the automakers, Cramer said he would stay away from General Motors [GM
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] but buy Ford [F
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] under $8. He also recommended parts maker BorgWarner [BWA
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] as a momentum play on its green technology.
Jim's charitable trust owns Goldman Sachs.
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