Cramer: Market Could Continue to Decline
The market could continue to decline, Cramer said Monday, adding he thinks the market could go flat for the year or a little worse before finding a bottom.
The "Mad Money" host doesn't like being negative, but noted he's championed the market for nearly 6,000 points on the Dow, including what seems to be 600 points too many. He acknowledged his downbeat view joins the consensus on Wall Street. While he doesn't like joining the negative chorus, he doesn’t mind it now given the facts agree with the story.
Yet even in down markets, Cramer says there's always a bull market somewhere. Given the current market temperature, he likes gold . Cramer's long the precious metal should be an integral part of every portfolio. He also likes companies leaning on international growth, including those with accidentally high-yields. These companies, he explained, see their yield go up as their stock price goes down.
So what happened? Why is the recovery dragging?
Cramer has long said we need employment growth to sustain the rally that began in March 2009. We aren't getting it, though.
High gas prices haven't helped either. Cramer thinks oil prices are too high and don't need to be this high. He think the exchanges should increase the margin requirements, as the silver exchanges had, which would drive out those buying on borrowed money.
Another concern is how Congress and the White House are at a stalemate over the debt ceiling. Finally, it seems the Fed's plan to boost the economy by way of quantitative easing will soon end.
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