First tech, then the rest of the market? Is that how the bottom gets put in? Makes sense to me. We liked the action away from tech today as we saw money go into many of the extremely oversold industrial stocks.
I know that many of you only look at tech stocks. As a generalist, I look at everything. I thought that the ability of the rest of the market to rally even as tech went down showed me that we were not just in short-squeeze mode (many of the industrial stocks aren't shorted at all).
Instead, it seems like the selling in the tech stocks was natural profit-taking and the buying in the industrial, health care and banks tells me that there is: 1) plenty of money around to buy, and, 2) lots of tax-loss selling that has now taken place.
It isn't always done with tech. Today it was done with
Procter & Gamble(PG Quote - Cramer on PG - Stock Picks) and
Colgate (CL Quote - Cramer on CL - Stock Picks) and
Chase (CMB Quote - Cramer on CMB - Stock Picks) and
PNC Financial (PNC Quote - Cramer on PNC - Stock Picks). Nothing shabby about that!
Jim Cramer
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