While some investors see the stock market’s recent 6 percent drop as a sign of worse to come, CNBC’s Jim Cramer sees it as a buying opportunity.
“What the heck is wrong with this market?” Cramer asked on his Mad Money television show.
“For four weeks now nothing good has mattered at all. You get multiple upgrades in the banks. People yawn. You get health care reform that doesn’t hurt health care stocks. The market says who cares?” he said.
“A sense of ennui … has overwhelmed the market, something beyond plain old vanilla negative,” Cramer said.
Cramer said the bulls have plenty of reason to be on top. “So why aren’t people tempted to buy?”
The answer is the government and oil, he said. “The government seems to propose a tax a day to keep your profits away.”
Cramer said the Dow could soar 500 points, if everyone in Washington just went on vacation for a couple weeks.
As for oil, investors are ignoring the fact that lower oil prices put money in consumers’ pockets, he said.
“The market’s ennui may not make sense, but it’s giving you a real opportunity to buy stocks for less than you should have to pay,” he said.
Cramer’s not the only bull.
"I still think we're going to get faster [economic] growth than expected through the end of the year, which will be good for demand," Kent Engelke, managing director at Capitol Securities Management, told Marketwatch.com.
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