Each day seems to be filled with so much disappointment. The American Axle
(AXL)
strike, for example, has now pretty much shut down General Motors
(GM)
, and I see no signs that AXL can defeat the union. Given how heavily dependent the Midwest region is on GM for steady income, this one can only exacerbate the terrible real estate market and hence the terrible mortgage delinquencies that pockmark Indiana, Michigan and Ohio.
Or the loss of the Absolut brand for Fortune Brands
(FO)
. Fortune needed to win this one because its home improvement business is falling off a cliff. This was a vain attempt to diversify a division that has always helped the company in tough times.
Or the Vytorin studies, nothing new, as we knew that parts of the medical community doesn't approve of the drug, but the analysts had held out hope and we have and are going to see repeated downgrades of the stock. I am telling subscribers of Action Alerts PLUS that Schering
(SGP)
stock, at $16 -- where it is surely headed -- has now lost more than half its value, which reflects the pulling of the drug. As 50% of the company's earnings are reportedly from the drug, perhaps that's a fitting decline. I think SGP is worth a lot more because of the purchase of Oraganon. I have been very wrong. My solace: So many others have been, too.
Or the newspaper advertising business, with declines of historic proportions. It is such a bad business and is so glaring in its decline that, with the demise of private equity, you can't own any stock in the group.
It goes on and on.
Relentless.
And I understand how people are leaving this market in droves. It's just too darned hard. I understand that $100 billion in outflows -- the number that the Financial TImes says have been pulled out -- has gone to the sidelines even though the sidelines make almost nothing. It's just that bad of a market.
I do believe that there is a level where it is going to bottom and it's that level we hit several times this year. But it is the least fun, least opportunistic, least attractive moment in years. Only a portfolio with massive and fundable dividends has even a chance to not lose you that money.
What a miserable time. Maybe this is what this bottom feels like. Just a maximum amount of pain.
At the time of publication, Cramer was long Schering-Plough.Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC.
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