The Standard & Poor’s 500 Index has soared 19 percent from its March 9 low, and investment impresario James Cramer doesn’t think the bull run is over.
March didn’t go out as a lamb, it went out like a bull — a bull that I don’t think will be easily stopped by April showers or May flowers, Cramer said on his CNBC show Mad Money.
Cramer mocks those who think stocks should still be falling. “What does this let-it-rock market think it’s doing?” he asks rhetorically.
“Don’t these investors buying stocks hand over fist know this is supposed to be 1929, that the world’s coming to an end? Maybe they didn’t get the memo, or maybe they think it’s March 2009.”
Cramer leveled stinging criticism at gloom-and-doom economists Nouriel Roubini and Paul Krugman for their negative comments about banks.
“The banks, how dare they rally?” Cramer says. “Don’t the owners know that these two noted, legendary investors...have spoken, and they say the banks are supposed to go down?”
In particular, Cramer likes Bank of New York and State Street, which can benefit from “forbearance for questionable assets that might pay off one day.” And they aren’t done rising, he says.
Many share Cramer’s enthusiasm for stocks.
“We’re in the midst of a major rally” that could send the S&P up 50 percent from its low, Barton Biggs, manager of hedge fund Traxis Partners, told Bloomberg TV.
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