Jim Cramer's Stop Trading! Ignore IndyMac

Stock quotes in this article: IMB , CFC  

Don't listen to IndyMac's (IMB Quote) positive spin on the housing meltdown, Jim Cramer said Tuesday on CNBC's Stop Trading! segment.

Cramer shrugged off comments by the big Alt-A lender, which told investors on a conference call Tuesday it believes troublesome mortgages should move through its financials in coming years "very quickly."

Cramer said he would instead be long Countrywide (CFC Quote), which warned last week that it doesn't see any upside in housing till at least 2009.

Cramer said he believes shares in IndyMac have held their ground Tuesday only because half the stock is sold short.

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At the time of publication, Cramer had no position in stocks mentioned.

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. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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