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The Dow has turned up Tuesday afternoon, much to the Street’s surprise.
With the futures trading down before the market opened, investors were predicting a bad day for stocks. But by mid-afternoon the Dow was in positive territory.
Such a scenario is “the most bullish thing that can happen,” Cramer said during Stop Trading!.
What sparked the rally? An upgrade in Lehman Brothers [LEH
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] is taking hold, and CIT [CIT
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] has sold its bad mortgage and home-equity loans to a private equity firm. Then Apple [AAPL
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] and Research in Motion [RIMM
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] have reversed direction and are leading the Nasdaq.
Even a stock like General Motors [GM
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] could rally, Cramer said, though he re-emphasized his dislike of GM.
There’s talk that this could just be a rally in a bear market, but with the Dow down 20%, Cramer said it feels like “real capitulation” to him. There are “little pockets of strength everywhere,” such as in VF Corp. [VFC
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] and Costco [COST
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].
“I think the shorts have to cover,” Cramer said.
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