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NEW YORK (
) -- In the ongoing battle between Wall Street and President Obama, Jim Cramer told viewers of his "Mad Money" TV show Monday that silence is a thing of beauty.
Investors who want to know why the market rallied today after an abysmal week last week need only look toward Washington, said Cramer, where there was an eery silence amid a backdrop of almost relentless attacks.
"A president who's angry with Wall Street is bad news for your 401k," he told viewers. He said the markets just cannot rally without participation from the financial stocks, and today, they got their chance.
Cramer said that the fear in the markets receded along with the rhetoric. He said the market is taking its queues from a handful of stocks, two of which happen to be
, two stocks which he owns for his charitable trust,
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So where does the market go from here? Cramer said he expected the sellers to return on any bad news, including falling oil prices, which would indicate a further slowdown in China, increased unemployment here at home, and of course, more angry words from Obama regarding Wall Street.
He advised taking profits on any rally, and continuing a defensive investment posture.