Fearful Day for Financials - Stop Trading! (7/14/08)

Recap of Jim Cramer’s comments on Stop Trading! Monday July 14. Click on a stock ticker for more analysis.

IndyMac (IMB), Wells Fargo (WFC), Washington Mutual (WM), Downey (DSL), Bank of New York Mellon (BK), First Fed Financial (FED), Freddie Mac (FRE), Fannie Mae (FNM): Monday was a more fearful than the day Bear Stearns fell, said Cramer, because single-digit stocks were falling on a percentage basis, a truly “ghastly” development. Cramer would stay away from financials until the weak banks go under; “We just lost the first one, IndyMac. Give us the chance to lose some more.” Cramer says DSL and BK need to raise more capital and he thinks WFC and WM might not even make it through this crisis. Concerning FNM and FRE, Cramer predicts housing will bottom before financials and a good sign of the end of the fall will be a merger in the housing sector.

Oceaneering International (OII), Schlumberger (SLB), FMC Technologies (FTI): Cramer would look at these stocks ahead of Bush’s lifting the ban on offshore building. Of course, Congressional approval is still required.

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Comments

[jzjinvestor]

If Cramer says so, must be time to but WFC & WM?!!!

[jzjinvestor]

make that "buy"

[philzuco]

How can such a clueless person have their own show? That's the big question. He is literally ALWAYS wrong. Check the timing too. Amazing. He says WFC could go bankrupt, and the stock goes up 35% 2 days later. He says OII is a good play, the stock tanks 4% the next day. Cramer is either very unlucky, extremely stupid, or highly incompetent. My guess is it's a mix of all three. What a douche. And to think people actually follow this moron's picks..

[whatadifadaymakes]

Yes What a Difference a Day makes.........Lets see........WM & WB were his two worst bank stocks.........Yet his Goldman Sacks Buddy takes over the helm at Wachovia and all of a sudden.......All of the bad debt is gone, the housing crisis is over and everyone should buy a "house within the next six months"!!!!!!!!! Is this guy stupid or what? The SEC should be looking at this guy, not at those shorting stocks or commodities. This guy (Cramer) should be banned from CNBC........The others on the show are real professionals....Dump CRAMER......for the sake of the small investor.....

[edny555]

true dump cramer don't think he can pick his nose. i fell for the downey savings bank ( dsl ) when it was 68. Unfortunately still have it. Also new York stock ex euro ( nyx ) after averaging down cost about 80, now down to below 50. Cramer is not good for the small investor as stated. The small investor doesn't stand a change with his numerous picks. A carnival barker and it only costs nearly 400.00 dollars for the street.com, his company.


On Jul 23 09:33 PM whatadifaday makes wrote:

> Yes What a Difference a Day makes.........Lets see........WM & WB
> were his two worst bank stocks.........Yet his Goldman Sacks Buddy
> takes over the helm at Wachovia and all of a sudden.......All of
> the bad debt is gone, the housing crisis is over and everyone should
> buy a "house within the next six months"!!!!!!!!! Is this guy stupid
> or what? The SEC should be looking at this guy, not at those shorting
> stocks or commodities. This guy (Cramer) should be banned from CNBC........The
> others on the show are real professionals....Dump CRAMER......for
> the sake of the small investor.....