Cramer Yesterday August 1, 2007

Thursday, August 02, 2007

7:33 AM

“preservation of capital = wall street’s definition of making money

Cramer says to sell into any rally.

Walk away from your home if you bought in the last two years.

Car = good; credit card = good; house = bad, walk away if you bought 2005 or 2006 with no money down.

So he’s really bearish, building on his “turn” of the day before which was supposedly tongue-in-cheek.

Sell .BKX (bank index)

Excellent discussion of how mortgages were packaged and sold to hedge funds.

Funds of funds…puts money into hedge funds. Forced sales by hedge funds all afternoon.

Sell XLF

ALL BETS OFF IF FED CUTS RATES 1 % then BACK TO same game, party on!!!

Anything relating to mortgages or loans should be sold.