Take profits while you can, Cramer told viewers during Wednesday’s Stop Trading!, because this market might be ready to snap back from yesterday’s rally.
“I really think we’re in an incredibly overbought moment here where I am concerned,” Cramer said. “The last time we were this overbought we caught a 1,500-point decline in the Dow. That’s worrisome to me. I want people...to ring the register on the hot stocks.”
Cramer specifically mentioned Citigroup and Washington Mutual as stocks to schnitzel (Mad Money parlance for selling part of a position). The share price of both companies’ rose Tuesday on a rally led by Lehman Brothers $4 billion stock offering.
As for stocks that are working right now, Cramer recommended the gold sector and oil driller Nabors , which is “very, very right.”
Alcatel-Lucent CEO Patricia Russo, a member of Cramer’s CEO Hall of Shame, appeared earlier on “Street Signs,” but she stills not getting any love from Cramer.
“The company is nothing,” he said, citing problems with ALU’s technology.
“Sony Ericsson is equally challenged,” Cramer continued. “The only [stock] that I would have to buy in this group, if you put a gun to my head, is Nokia .”
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