If Bank of America buys Countrywide Financial it will be “exactly what the Fed wants,” Cramer said on Thursday’s Stop Trading!. “This is what happens at the bottom.”
The notion that the financials are at or near a bottom was bolstered by the news Wednesday that Berkshire Hathaway could swoop in and buy a large bond insurer like MBIA or Ambac . Long a safe haven for the shorts, there just may be some hope yet for these battered down stocks, Cramer said.
Good news might also be on the horizon for the airlines – possibly the one industry more loathed than the financials. Cramer predicted he could be recommending the lot within a month, but he specifically called out AMR (parent of American Airlines), saying it may be “worth a lot.”
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