examined Thursday's action, saying that the market has not yet reached a bottom. He implored investors to stop buying at the beginning of the session, warning that it's not necessarily the right move to buy on the dip here.
"I think there's a widespread belief that you can still buy the dip. That's been the right move ever since long-term interest rates peaked back in October," he said."Now, though, buying the dip is the quintessential wrong thing to do." Cramer said there aren't enough companies with"brown shoots," or disappointing earnings. He also pointed to continued unpredictable patterns of market leaders like
According to Cramer, the market needs a"vicious open," with a"whoosh" of investors who want to sell badly they won't care what price they get, followed by a"crescendo" moment where"there's a colossal blowout that leaves people aghast." "Now, what would happen if people stopped buying in the mornings and instead sold big from the get-go? That, friends, is what I've been waiting for," he said."You're not going to get a bottom, a serious bottom, a lasting bottom, until you have the big give-up, the gigantic end of days decline where people just can't handle the house of pain at all."found green intraday before closing lower.
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Source: CNBC - 🏆 12. / 72 Read more »
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