Hard to imagine a lower bar to this speech. Perhaps Dow 7350. I know it is difficult to relate this speech to the market, but as I would have said at my old hedge fund, "Fabulous job by Barack Obama, but what does it have to do with the price of Citigroup (C) or the dividend of Wells Fargo (WFC)?"
I do hope we are in the winter of our hardship. I just fear the fall. I do think that we will get out of this, but it doesn't' mean you buy on it.
It does mean that we could solve the banking "problem," but it doesn't mean we can save the banks' dividends.
However, there is one real good piece of news: He addressed the darned thing. He did not talk in the double-talk of the previous administration. He did not dodge things. He didn't give us the "don't worry about it" or implied that we don't even need to solve it, or it will simply get there with the help of the market.I say terrific. The second half will be better because of this man. The first half? The fall turns into the winter. Then the winter turns into spring. Feels like September to me. At the time of publication, Cramer had no positions in stocks mentioned.
Know What You Own: Other major financial stocks include JPMorgan Chase (JPM), US Bancorp (USB), Bank of America (BAC), Deutsche Bank (DB), Morgan Stanley (MS) and Goldman Sachs (GS).
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