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The market’s early gains on Monday gave way to triple-digit losses, Cramer said, and “that’s the kiss of death.”
With the Dallas Federal Reserve’s “not so hot” Texas manufacturing report and the dollar’s rise, which brought down oil and gold, he said, investors could short “pretty much anything.”
“It just seems like there’s very little risk to it right now,” Cramer said.
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Amazon.com’s [AMZN
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] strong earnings, released early Monday, were part of the reason stocks pushed higher at first. Cramer said there was a “tremendous dichotomy” right before the report, as Wall Street feared a major move by Walmart [WMT
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] into the Internet retail space. But Amazon is the Web’s lowest-cost producer, not WMT, because of the company’s strong fulfillment operations. In fact, Cramer said Amazon has exactly what Walmart needs to keep its online expenses down.
“If Walmart can’t be low cost,” he asked, “why go there?”
When it comes to steel, Cramer said to buy Nucor [NUE
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] and sell US Steel [X
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].
Lastly, investors don’t seem to understand the much-debated health care public option, Cramer said. Many states with strong competition among private companies might not feel the public option’s effects, but that hasn’t stopped Wall Street from shorting health maintenance organizations like Humana [HUM
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], WellPoint [WLP
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] and United Health [UNH
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] anyway. Cramer blamed the government’s lack of sensitivity to the market for the trouble.
“It’s a free-fire zone,” Cramer said, “because Washington doesn’t care about what happens to stocks.”
Cramer said he doubts the public option will hurt these companies in the long run, but given the present environment, “Who wants to be long” on the stocks?
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