Stop Trading!: Market Shrugs at Recession Talk
Not even the threat of recession, prophesied by one of Wall Street’s biggest CEOs, can keep the market down Monday, Cramer said during Stop Trading!.
JPMorgan Chase’s Jamie Dimon, speaking to investors today, said that while the credit crisis is mostly over, a major downturn in the economy might be just beginning. Still, the Dow was up about 140 points with an hour left in the trading day.
“This is a day where the tape is being colored by bulls,” Cramer said, pointing to stocks like MBIA and FedEx, which were up despite bad news.
“What does it take to knock down a stock on a day like today?” he asked. “You have to what, pre-announce 30% down? This is remarkable action.”
Tech sector leaders Apple and Research in Motion and financial leader Mastercard can all be bought, Cramer said.
So can retailers like TJX, VF Corp. and Costco, he continued. Cramer was revising his call on the sector after last week’s same-store sales numbers.
“I was too negative about all of retail last week,” he said. “There are some players I think are going to come through.”
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