Cramer is Lost

He went out on a limb Monday calling the prior decline "the bottom" and recommending other than defensive stocks -- retails.

Can Cramer calls and cheerleading cause the market to continue to go up in a shaky situation (like last week)? Perhaps. That's what Wall Street is about and Cramer is the most credible of all commentators.

But that damn Fed summary "reprise" from August 7, or was it August 17? (It was presented as both ways by the commentators on CNBC.) But in any event, here was a situation where getting the written summary was unsettling to the market.

Notice that Cramer does not -- never has -- recommend going short. Probably rightfully so and probably constrained by CNBC, or simply because it is not easy for the small investor. When Cramer was running his hedge fund he was not so limited.

So he's back to blaming the Fed. He's critical of them for fly fishing in Aspen instead of being on the job. There's some merit to this. Let's face it, the Fed saved us in 1998 and thus the low, low interest rates for so long.

Yesterday Cramer, by demeanor, to me, indicated awareness that he was lost, both on Stop Trading and in Mad Money. He also focused on gaming stocks in Macau on the latter program, out of desperation. Still, a solid recommendation, as it stays away from the subprime and alt-A, etc. arenas.