Monday, March 2, 2009

Jim Cramer's All Time Favorite Stock Hits All Time Low

For anyone still caring to listen to Cramer's recommendations, we present the case of Foster Wheeler, which Cramer said was a "buy, buy, buy" at $80, and mentioned it about 20 times over the past year on its ceaseless way down as one of his all time top picks. Please indulge in the company's 1 year stock chart. As Cramer said early last year "many of you say 'the stock is at [$75 post split] it's over': Stay tuned - there's much more ahead"... Oh yeah, Jimbo, much more pain and destruction ahead.

Indicatively, it closed today at $12.88

We love Cramer as an entertainer: he was fabulous on that one episode of Arrested Development. However, people, please... do not trade based on his show. On his February 27th episode of Mad Money (of which we have been trying to find the clip unsuccessfully), he said he was the only person who in 2008 was warning people should run from the market... Say HHHWAT?

Anyway, we did find a clip of his sentiment on FWLT. For all who got caught in this slomo trainwreck per his advice, our condolences.

And another clip... this one of truly Chinese piracy quality.

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Anonymous said...

Looks like a perfected buy set up now though, the sell at the top worked pretty well... Cramer 0, DeMark 1

Anonymous said...

great blog - head and shoulders above the rest - many thanks

btw, what is the burr up jimmy's rear about the sage of omaha - he appears to seethe contempt - love wb or hate him, it's hard to dismiss him

Anonymous said...

The only folks dumb enough to trade off Cramer are also the ones dumb enough to think long term investing was a plan.

They would have been smoked no matter what.

Comes with being DUMB.

Jr Deputy Accountant said...

I always dislike when people yell at me.

Did you catch when he implied to the CEO of Costco (which was performing well at the time) that Costco was second-rate?

I'm going to start writing all my posts in caps so I get an MSNBC gig. Do people actually trade on his suggestion???? If you're watching TV for market know how, um, we have a larger problem.

Anonymous said...

Yes, Jim, you were SOOO bearish. So bearish that you made a bet on live TV with Eric Bolling that financials would outperform oil and gold in 2007. So bearish that you said BSC was "fine". So bearish that you called for Dow 14,500 in the 4th quarter of 2007, so bearish that you called WB a buy the week before they went under, so bearish that you recommended Sears 8,000 times, so bearish that you called the market bottom after bear Stearns, then AGAIN on July 31, 2008 (“Yes, You Heard Me — That Was the Bottom. Fundamentals have changed, and we are not going back down to where we were.”), so bearish that you told people to buy real estate AND stocks on Regis and Kathy in July 2008, and so bearish that you said that "the bounce means the crash can't happen" in September of 2008 just weeks before the market crashed.

Then, after the market had fallen 40%, Cramer tells the little guys to get out on the Today Show and takes all the credit for "calling" the bear market.

What a friggin joke. And CNBC calls him a "market wizard"....

The Mad Hatter said...

Here was Jim's warning to get out of the market.

Anonymous said...

I would like to apply for his job, and I don't even know anything about the marker; however, I probably can do a better job. Remember the monkey??

Anonymous said...

Oh yeah, he was either on 60 Minute or 20/20..

Anonymous said...

My goodness, people. EVERY stock is down, what are you going to do? FWLT investors will be very happy in time.

Kirk Lindstrom said...

This is even funnier... Jim Cramer Rant Blasting NY Attorney General Andrew Cuomo Over Housing Bubble Warning

Cramer said Cuomo’s decision to question the housing bubble and the proliferation of no-interest, nothing down, tell-me-any-story-you-like mortgages was positively anti-American.

Jim says doing this will shut down Washington Mutual, Fannie Mae and Freddie Mac... three companies that were not able to remain solvent on their own due to the housing collapse.