The Dow Jones Industrial Average closed 115 point higher on Monday, crossing the 9,200 mark for the first time in almost nine months. Not to be outdone, the S&P 500 broke a similar threshold and reached 1,000, something it, too, hadn’t done since early November. And the Nasdaq? The Naz is up 27% so far this year. Yet, despite all these positives, the market is filled with non-believers.
Some are doing it intentionally. They’re the money managers who stayed in cash for too long and now are scrambling to buy stocks. They don’t want to pay up, though, so they’re spreading as much doom and disorder as they can to scare other people out of the market. Sell-offs, of course, bring prices down, and that’s just what these guys want.
Cramer did tip his hat to a few credible moneymen, such as Ron Insana and Doug Kass, who see short-term turbulence ahead. While the Mad Money host does see a small correction coming, he doesn’t think it warrants “bolting wholesale from stocks.”