Cramer was amazed on Friday’s Stop Trading! that Countrywide Financial has enough credibility left to raise its outlook next year “and people believe them.”
With the gyrations in the housing and financials, including massive short squeezes that are sending the stocks higher ahead of next week’s Fed meeting, Cramer said he would consider “taking a shot” at volatile homebuilders like Hovnanian , KB Home and Pulte . But he wouldn’t stay with any of them for “more than a couple of days.”
Cramer also voiced support for embattled Merrill Lynch chief Stanley O’Neil, who is rumored to be out the door at the brokerage house by the weekend. “This is his first real screw-up,” Cramer said of O’Neil, referring to Merrill’s massive $8 billion write-down earlier this week. “I’m pulling for him.”
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