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The bulls are making a very aggressive stand, Cramer said during Friday’s Stop Trading!.
The Mad Money host noticed money flowing into Apple [AAPL
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], Bank of America [BAC
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], Citigroup [C
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] and NYSE Euronext [NYX
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] in an attempt to lure other buyers in the market. It’s a strategy Cramer saw in the mid-1990s. Bulls countered large bear raids by trying to prop up certain stocks.
“So be aware that the bulls are out there trying to prop things up,” Cramer said, “even as the bears are driving to drive it down.”
These bulls will try to get Apple up eight or nine points, Cramer said, hoping to send a signal to potential Nasdaq investors that the market’s bottomed.
Cramer endorsed the move, but he urged viewers to wait until at least 3:15-3:30 p.m. ET before buying, if they do.
“That’s when the firepower tends to be exhausted by the bulls who are trying to prop the market up,” Cramer said.
Cramer called the prop up of Bank of America “very encouraging” because it’s taking such an incredible amount of money to keep that stock trading higher.
General Electric [GE
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] reported in-line earnings today, but the stock is up just pennies today. Cramer said the next step for the company is to “take advantage of the carnage” and buy some badly hurt infrastructure firms or appeal to the FDIC to let GE take on deposits.
Cramer’s focus today is on the credit markets rather than equities, he said, because equities are just a “thumbnail” in comparison.
Jim's charitable trust owns General Electric.
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