Winning portfolio managers know when to quit while they’re ahead, and that’s what happened Thursday morning, “Mad Money” host Jim Cramer said.
The market ultimately ended mixed Thursday, after recovering from a 1 percent decline across the board earlier in the session.
“Most of the profit-taking was concentrated in the huge winners for the quarter—the banks, the techs [and] the retailers,” Cramer said. “Plus, nobody seemed to want the oils to do any more damage to their portfolios.”
In other words, money managers want to lock in their gains.
Because the market is strong, it was able to absorb this kind of selling and rebound from it.
"Don’t worry, though, the winners aren’t done with their lock-in,” Cramer said. “They have all day [Friday] to finish selling, and I bet they take it.”
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