Tags: cramer | bye | bye | bear

Cramer: Bye, Bye Bears, Hello Bull Market

Friday, 01 Aug 2008 09:15 AM

Jim Cramer, the TV stock guru best known for throwing around props and hollering "buy, buy!" — and who just a week ago told investors to sell everything — is back with a new message.

"Bye, bye bear market," he said. "Say hello to the bull, and don’t let the door hit you on the way out."

The market has hit bottom. At very least, he says, it won't go much lower.

"I am indeed sticking my neck out right here, right now," Cramer said on CNBC, "declaring emphatically that I believe the market will not revisit the panicked lows it hit on July 15."

"And I think anyone out there who’s waiting for that low to be breached is in for a big disappointment and [they’re] missing a great deal of upside."

The Dow Industrials hit 10,962 on July 15, a 22 percent collapse from the market's most recent all-time high set Oct. 12, 2007, when it touched 14,093 before falling off on the start of the ongoing credit collapse.

Market technicians often watch certain levels to see if there is "resistance" to new lows, then sell if that level is convincingly broken — adding, of course, to the stampede to get out.

Cramer isn't having it. "Stop waiting," he told viewers, adding that they should "buy the next dip because I think it might be the last big one."

Cramer told viewers that negativity in the market is a classic sign of the bottom being hit.

He also pointed out that the big investment banks are likely, following Merrill Lynch's recent example, to finally unload all of the rotten mortgages on their books.

"My bottom call isn’t gutsy," Cramer said. "I think it’s just a smart call that all the evidence points toward."

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Jim Cramer, the TV stock guru best known for throwing around props and hollering "buy, buy!" — and who just a week ago told investors to sell everything — is back with a new message."Bye, bye bear market," he said. "Say hello to the bull, and don’t let the door hit you on...
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Friday, 01 Aug 2008 09:15 AM
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