I really hope you've been listening to Jim's repeated exhortations to sell and had raised a lot of cash before today's bloodletting.
On Monday, everybody screamed bloody murder when Jim suggested that the Dow could fall as low as 8,300. Now that we're about 100 points below that number, maybe some of the people who played the "Cramer caused the crash" game will admit that he was a tad prescient? Well, we can hope.
Remember, that's Monday, when the Dow opened at 10,322 and closed at 9,955, just about 1,860 points higher than where it is now. That night we told you there was still time to sell, that you had to free up enough cash to pay for any big outlays over the next five years. Once again, Jim wasn't being panicked, he was being responsible. Now I trust the evidence will speak for itself.
Don't think that we're necessarily nearing a buying opportunity though, except for the litany of defensive stocks we've recommended over and over again. This market could go lower.
P.S.: Jim interviewed the CEO of Quanta Services, a stock his charitable trust owns, on Wednesday night's show. It was actually up today. I hope that's because the diseased hedge funds have finished unwinding their positions, and not because loyal Cramericans bought the stock the day after we mentioned it. You guys wouldn't do that, right? Remember, you're supposed to wait five days on average, or at least two so you don't get slaughtered.
Jim's charitable trust owns Quanta Services.
Cliff Mason is the Senior Writer of CNBC's Mad Money w/Jim Cramer, and has been that program's primary writer, in cooperation with and under the supervision of Jim Cramer, since he began at CNBC as an intern during the summer of 2005. Mason was the author of a column at TheStreet.com during 2007, which he describes as "hilarious, if short-lived." He graduated from Harvard College in 2007. It was at Harvard that Mason learned to multi-task, mastering the art of seeming to pay attention to professors while writing scripts for Mad Money. Mason has co-written two books with Jim Cramer: Jim Cramer's Mad Money: Watch TV, Get Richand Stay Mad For Life: Get Rich, Stay Rich (Make Your Kids Even Richer). He is 100% responsible for any parts of either book that you did not like.
Mason has also had a fruitful relationship with Jim Cramer as his nephew for the last 23 years and will hopefully continue to hold that position for many more as long as he doesn't do anything to get himself kicked out of the family.
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