With the Dow down about 131 points as Ben Bernanke testifies before the Senate Banking Committee, investors may have caught a bit of luck thanks to the Federal Reserve chairman.
Cramer during Wednesday’s Stop Trading! said his biggest fear going into today’s trading session was the unemployment-claims report coming on Thursday morning. And if the market were as strong today as it was on Tuesday, then “we could be set up for a big fall” if the claims number was disappointing.
So with stocks selling off during Bernanke’s testimony, Cramer said, “I think we’re getting a break here.”
Now, if the market sees any stabilization or upside in claims, he continued, “We’re going to rally, and we’re going to rally hard. Because we had a lot of good earnings news, and it’s just completely being subtracted and overwhelmed by Bernanke” and his downbeat outlook.
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