Cramer's TheStreet.com TV Recap: Retail Rollover
"Yesterday something happened that is contrary to everything I have ever learned about the market," Jim Cramer said on TheStreet.com TV's Wall Street Confidential video Webcast Tuesday.
The market fell on two pillars -- oil and tech -- Cramer told Aaron Task, the host of Wall Street Confidential.
While Cramer seemed less concerned with tech because it has been up and because a lot of people feel that December is the time to take profits in this sector, he said that "it's almost as if when oil goes down the market looks bad."
The market witnessed Chevron (CVX) lose a couple of percentage points in a very short period of time, after it took forever to put those percentage points on the stock, Cramer said.In addition, a lot of people were betting that Oracle (ORCL) wasn't going to perform well, and it turned out to be a good call, he said. Moving on, Cramer said "the rollover in retail" was surprising to him because the products are "hot." However, the retailers aren't making any money, he said. Task commented on how Circuit City (CC) reported "a loss for the quarter that surprised everybody" and asked Cramer why the fact that people weren't short Circuit City is making the stock's decline worse.
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