The single best thought on Cramer last night, aside from the following, was to admonish the viewer not to look at the tape while watching CNBC.
This is excellent advice, but very difficult for the trading addict to do.
The second point about last night is that Cramer is now [subtly] starting to recommend short sales. He is harping on the negative aspects of stocks, this one being U. S. Steel, which is the poster boy for the way the world is now and the way he sees it going.
Now my "control+shift+n" notepad notes from an hour ago:
(see earlier blog "tech tips")
5:06 AM 10/28/2008
Our currency = world's strongest currency.
pnc or wells farge = strong dollar plays
altria got rid of its overseas exposure = thus Altria is good
high yielding bonds backed by a strong currency = good
market a lot further to fall
"money on the sidelines" I will give you the signal when to put the cash to work
curious case of US Steel
why is X being downgraded? UBS did it
estimate cuts of sizeable proportions and
earnings report tomorrow
196 to 30
will go lower on a wave of analysts downgrades
last fri was supposed to earn 15 per share
very high fixed costs; end-mkt pricing can come down below X's costs
24% of sales come from europe
$680 per ton in 2nd qtr revenues
can't compete with minimills
pension fund underfunded by 2.6 billion at end of year
div yields 3.5%; has 3 billion of debt