The Cramer Crash?

What looked like just another bad day early this morning turned even worse when the opening bell rang today.  As of 10:30 this morning, the S&P 500 was down over 7%.  So what caused the acceleration in selling?  Many have attributed the sell-off to hedge fund redemptions as well as comments Jim Cramer made on the Today Show before the open (that were later picked up on the Drudge Report) when he said, “Whatever money you may need for the next five years, please take it out of the stock market right now, this week." 

We'll see how the market closes, but these type of hysteria comments to Main Street, America from a renowned bull may cause just the type of panic that we noted this market was currently lacking.

Subscribe to Bespoke Premium to receive more in-depth research from Bespoke.

Comments

[Tim]

Then do the opposite of what he says - buy, after everyone has sold.

[chris pyper]

If people are still dumb enough to listen to Cramer then they deserve what they get. Shows like his do more harm to the average investor than good.

[Eric]

Jim Cramer is a charlatan.

[Andrew Abraham]

Members of Myinvestorsplace.com notified me that the VIX has reached the highest level ever... if that is not a contrarian signal.. .I do not know what is...

But ...like oversold..and overbought... nothing is an absolute... do you think we will waterfall... or this is the bottom... we the members of Myinvestorsplace.com would like to hear your opinions.. thank you

[Mattie]

Let's get the pollyannies to form a lynch mob... and hang him. (lol.)

This market falling wasn't his fault... as the financial tsunami can't be blamed on just one person. The daily swings we are seeing have come from individuals thinking that we only should see good times... Well those that thought we only see good times... probably forgot to save for a rainy day. Here is the rainy day... cheers to the stupid people.

[Gordon Geoko]

Didn't Bud Fox do something like this in Wall Street!? Hand cuff the guy!