Maybe consumers just don’t understand the dangers of subprime or the collateralized-debt-obligations market, Cramer said with his trademark sarcasm during today’s Stop Trading!, because retail sales numbers were up despite predictions for a bad month.
“This is the month that if you had read the headlines you would have thought that people would be going to a BJ’s or going to a Target,” Cramer said, “and right when they were about to go buy that extra item, they’d have to say, ‘Oh my god, the CDO market may be in trouble. Just like the way they’re were supposed to stop spending because of the carry trade.”
“Somehow people still get out from the covers every morning and amazingly they put their clothes on, and sometimes they go to the store,” he said, still joking. “They don’t understand CDOs!”
But Cramer is dead serious about technology stocks right now: “I think people have to recognize that the tech market is so en fuego here that they ought to dust off some of the old names and get in.”
Cisco, Intel, Texas Instruments, Applied Materials, Altera and Corning are all Cramer favorites.
“I just think these are coiled springs,” he said.
Jim’s charitable owns Corning.
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