The relentless nature of some of these non-financial declines is staggering. I thought that defense stocks could be putting into a bottom. Unbelievable, these are factoring in a huge win by Obama and a concomitant pullout of Iraq and shrinking of the military. I have tried to get my arms around Raytheon (RTN - commentary - Cramer's Take), thinking, When can it stop? But the whole group has the same chart, with L-3 (LLL - commentary - Cramer's Take) really representing a slaughtering. We are in maximum Obama-hype mode, so maybe it is just a matter of time, but I do not think these stocks will stay this weak. It is incredible how weak this group is.
Then there are the housing-related stocks -- they are teetering. Lowe's (LOW - commentary - Cramer's Take) and Home Depot (HD - commentary - Cramer's Take) are awful. I have been trying to pick at Black & Decker (BDK - commentary - Cramer's Take), and despite the company saying things are good, it trades down endlessly.
The stocks that are going down trade like bank stocks. The stocks that are going up are equally relentless on the upside.
At the time of publication, Cramer was long Black & Decker and Raytheon.
P.S. Will you be there when Cramer makes his next move?
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Jim Cramer Blog Time to Sell the Apple Launch 6/9/2008 1:59 PM EDT As the media and consumers marvel over the new iPhone, you should be selling the news.
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