Tuesday, June 29, 2010

Cramer's Good -- Until He's Not

(c) 2010 F. Bruce Abel

Lost another $1100 followng Cramer from last week.  In the teeth of his sweeping "list" of three weeks ago he got edgy to recommend specific buys again and began saying that each bad item in his list of (bat-on-the-shoulder musts) was getting so good that he was taking it off the list.  Then last week he had specific Apple-related stocks that the money managers would "be desperate to load up on before June 30" and other one other that had doubled in the year.  Now in fact it looks like the money managers are desperate not to show any stocks being held June 30th.  We'll see after tomorrow's close.  But I'm out of three stocks I bought, for a loss of $1100.  I switched my Procter July puts into Augusts, but I'm behind on them too, even after this down day today.  But my thinking on Procter is independent from what happened in China or Europe this week.  I'm sticky wicket. (phonetic)

Cramer's gotten too unbalanced.  Maybe he's been away from money management too long.  Or maybe he misses his "princess" or whatever he called his wife when they were (trading) together.  She saved his bacon more than once in a trading crash crisis, by his own admission.

Having said the above, Cramer is still awesome.  Just human, that's all.