Quote For The Week
CNBC television personality, former hedge fund manager, and best-selling author Jim Cramer has declared that the bear market in stocks is officially over. From the CNBC website last Wednesday:
If you thought you heard Cramer call a bottom during Tuesday’s Mad Money, you were right.
“It smells to me like something, in fact many things,” he said, “have at last changed for the better.”
“I am indeed sticking my neck out right here, right now,” Cramer continued, “declaring emphatically that I believe the market will not revisit the panicked lows it hit on July 15, and I think anyone out there who’s waiting for that low to be breached is in for a big disappointment and [they’re] missing a great deal of upside.”
“Stop waiting,” he said, and “buy the next dip because I think it might be the last big one.”
Famous last words? Cramer doesn’t think so. He told CNBC viewers:
My bottom call isn’t gutsy. I think it’s just a smart call that all the evidence points toward. Bye, bye bear market. Say hello to the bull and don’t let the door hit you on the way out.”
The Dow Jones Industrial Average ended the day at 10,962.54, and the S&P 500 at 1,214.91, back on July 15.
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