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Stop the presses! The media’s gone positive on the markets, Cramer said Tuesday. A number of stories in The New York Times, USA Today and Washington Post show these papers have switched from heralds of doom and gloom to cheerleaders of hope and optimism.
The Washington Post today pointed to the recent spate of M&A activity, namely Abbott Labs’ buyout of Solvay’s drug business. USA Today dismissed the endless chatter about another possible big decline, as well as a few other “canards,” as Cramer called them, that have been keeping people out of the market. And The New York Times wrote about the many improving areas of the economy, such as the financials, and talked up the psychological importance of Dow 10,000.
“This is a huge, bullish change-up,” Cramer said, “especially when you consider how unreasonably negative the press has been for months as the market soared ever higher.”
Cramer predicted that these stories, which appeared on the front page of each paper’s business section, would lure retail investors back into the market. And the more upbeat reports we get, the more money that will flow into stocks, which will push up share prices.
Expect the professional money managers to catch the fever as well. Let’s face it, they can’t stand by, watch the move happen and not take part. That’s how these guys lose their jobs. So Cramer said he expected a rash of buying from hedge funds, as they race to catch up. That, too, will boost share prices.
Now, Cramer wasn’t saying that things are perfect. He’d like to see better jobs numbers, just as anyone would. But remember: The market’s performed remarkably well regardless of the disappointing employment reports we’ve seen so far.
“The numbers have been terrible,” Cramer said, “and we’ve had the best rally in 10 years.”
If the jobs situation improves, then the market will respond accordingly. But in the meantime, stocks like Citigroup [C
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], AIG [AIG
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], Bank of America [BAC
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], MBIA [MBI
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], Hartford Financial [HIG
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] – a host of previously down-and-out names – are doubling, tripling, even quintupling. Investors, it seems, are realizing that things are better than we thought.
Expect more cynical articles to pop up, though, Cramer said, urging readers to sell throughout October. But don’t let them, or the season, scare you out of the market. Any dip as a result of this negative press is a gift. Use it to buy more stocks at a discount, or as an entry point if you’ve missed the move so far.
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