This market's driving everyone nuts. We've got these two companies, these two nothing monolines, that are holding the whole darned system hostage.
We have the government giving away $600 to everybody, which is a pathetic way to deal with a problem rooted in housing.
We have a market that needs oil to go higher even as the average Joe would think it needs to go lower. We have people slashing estimates every day for the brokers, but they don't want to seem to go down when the futures rally even as they are pathetic without them. We have takeovers for two of the worst companies out there: Take-Two
(TTWO)
and Getty
(GYI)
, even as hundreds of other good ones get hammered everyday.
We have fertilizer stocks that are growth stocks, and growth stocks that smell like fertilizer.
And if we had a fed funds rate of 2% and one month where housing didn't go down, we would go up 2,000 points.
It's a very confusing moment. Ideally, the monolines should mean nothing because their insurance basically means nothing, even after these capital raises, which are all a big show to be able to make it so they don't lose all of their business. If the ratings agencies had done what they would have for any other companies in the universe and downgraded them after the hideous losses, we would have put all of this nonsense behind us at a great cost to a bunch of outfits, but now we are just prolonging the pain unless the Fed acts.
The main thing, in fact, that we bought is a short squeeze, which makes those who bought in low to deals that are saving companies feel great.
Yes, it is that nutty.
Thank heavens we have some excellent people on this site who have seen nuttiness and know how to profit from it.
Random musings: Some really great work by Dan Fitzpatrick on "Fast Money" today. He should be a super-regular!
At the time of publication, Cramer had no positions in stocks mentioned.
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