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Cramer: Are Stocks Done for the Year?
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Web Editor, Mad Money
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While money managers are marking up stocks as a way to boost their funds’ performance numbers, Cramer said Wednesday, investors who want to take profits “right now seem to be much more powerful.” Despite some relatively strong fundamentals, cashing out is driving the market.
“I think we’ve seen the highs for the year,” Cramer told viewers during Stop Trading!.
He pointed specifically to Jones Apparel [JNY
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], which “has just zoomed” to about $16.50 from as low as $2.86 in early March. While the company has managed to keep inventories lean, putting Jones in good position for the fourth quarter, that might not matter. Apparently investors want to hold onto the money they’ve made, and that means selling shares of JNY.
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In the health-care debate, it’s the Senate, and not the House, that matters, Cramer said. And he’s predicting a bill will pass the higher legislative body, though in a much weaker form than President Obama originally intended. That’s good news for a company like WellPoint [WLP
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], which reported a “blowout quarter” today.
Cramer recommended that investors watch House Speaker Nancy Pelosi’s announcement of Congress’ final proposals for the bill on Thursday. If WLP takes a hit, it would give them a great entry point into the stock.
“That’s the one to watch,” Cramer said, “because we just got their quarter.”
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