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Free Commentary
Cramer Panic
Saves the Day
published October 07
Just when things looked darkest yesterday, Jim Cramer apparently saved the day by telling CNBC’s viewers to “Sell everything!”We thought for sure the Dow would be down a thousand points, but when the Mad Man of Wall Street hit the panic button on the Today show, the blue chip index turned miraculously higher, recouping more than half the session’s losses to finish down a less-than-suicidal 370 points. We don’t mean to suggest that Cramer is foolproof as a contrary indicator, or even that we dislike the guy. He’s a smart cookie who knows his way around the investment world, and, occasionally, talking to millions of CNBC faithful, he’ll even put the knock on a lousy stock. (For one, he was all over Boeing’s suppliers a short while back, a few critical days ahead of sellers who trashed the group’s shares because of the machinists’ strike at Boeing.)
