This column by Jim Cramer appeared earlier Monday on RealMoney . Click here for a free trial, and enjoy incisive commentary all day, every day.
The charts show no faith. Doesn't matter the industry, health care, tech, banks or defense companies. They all look terrible. Just horrible. Not saying, therefore, that everything must go down. Am saying that it is really, really ugly almost everywhere you look.
Take the banks. Many are breaking down to or below levels where they did big financings, some well below, like
(WFC - Get Report)
(JPM - Get Report)
Bank of America
(BAC - Get Report)
-- all pretty decent banks. Others have good yield but the yield doesn't seem to stop the decline one bit as we can see from
People's United Financial
, or, worst of all,
, which has a 5% yield and no problem at all paying it. The charts seem to think that it isn't good for it, though, because utilities of similar quality and less yield are going higher.
Or how about the incredible shrinking multiple of tech?
at 19 times earnings.
(INTC - Get Report)
are at 9 times earnings, the former is supposed to be peaking in margins and is regarded as panicking while HPQ is clearly rudderless. Forget
; I am beginning to think there is no price people will pay for them.
Lots of high quality medicals seem to have lost all support.
, these are all shrinking beyond recognition. So much for what to buy in a re-recession, my term for double-dip.
The defense stocks are amazingly bleak and trade as if we aren't just pulling out of Iraq but also of Afghanistan.
been murdered here.
can't seem to be given away.
Perhaps the worst is retail where even after we got some decent earnings last week from
(TGT - Get Report)
, the declines for stocks like the office products stores,
show no signs of abating. It is impossible to look at the teen retailers like
without thinking terminal thoughts.
are disasters as is