Wednesday, June 16, 2010

Cramer Last Night -- He's as Confused as Me

(c) 2010 F. Bruce Abel

In the morning yesterday I bought 20 more July 57 1/2 puts P&G cheaply. And 1 August AAPL put for $8. Put brackets around both purchases where I am out at certain points. Market went on up another 125 points and small losses on positions.

Here's from Cramer last night. I couldn't agree more. Of course I am "CramerII."

Mad Money Recap Nightly Recap for: Tuesday, June 15, 2010: "What makes a bad rally? It makes people make money, right? I will tell you what… it is a rally caused from being out of position… it is short sellers that got caught leaning in the wrong direction… it is almost as if the whole market is between first base and second base… meaning that the market is the base runners, the hedge funds are the base runners, the short sellers are the base runners…. and they got picked off at first… and they are now frantically caught in a run down that almost always leads to someone being out… so we get an endless rotating short squeeze.. in oil, in the banks, in tech, in discretionaries, in retail… and then that causes the whole averages to rally… but once the shorts are done being picked off… hey, I have got news for you… we have got no more reason to run… it is the a rally that stops the moment that a blast of future selling comes in… it did not come in today… it is a rally that stops the moment that the buyers just walk away… they did not walk away today."