Off the Charts
In the "Off The Charts" segment, Cramer went head to head with colleague Carolyn Boroden over the chart of S&P 500 to see which way the markets are heading. Cramer said Boroden has been has been on fire recently when predicting the average and correctly identified both the April lows and the top in September.According to Boroden, the S&P has held above its Sept. 4 lows, confirming its future direction is higher. She used the S&P's symmetry, which predicts that moves will be approximately the same size, as well as the lengths of each move, to determine when they're likely to occur. Her prediction is that if the index continues to hold above its floor of support between 1419 and 1427 then another leg higher, possibly one that's 4.4% higher, is possible. Cramer said he always tends to side with the "hot hand" that has been right in the past. He said the fundamentals support it, so he remains long on the markets.
No Huddle OffenseIn his "No Huddle Offense" segment, Cramer weighed in on the surprise resignation of Citigroup (C - Get Report) CEO Vikram Pandit. He said there really aren't two sides to this story, only one: Citi wanted Pandit out and he left in a hurry. Cramer said he was hard on Pandit when he first took over at Citi and felt he wasn't moving fast enough to resurrect the bank. But over time Pandit's plan began to unfold and his strategy of focusing on emerging markets and international growth while quickly working to reverse bad loans became a good one. That's why it was jarring to learn of Pandit's ouster just a day after the bank delivered a better-than-expected quarter. Cramer said Pandit was "constructively fired," in part to appease shareholders and in part to appease regulators, both of which were growing frustrated with Pandit's direction. As Cramer always says, it's not about making friends, it's about making money, which is why the only thing that matters is that Citi's new CEO has been given a far better hand than the one Pandit received. -- Written by Scott Rutt in Washington, D.C. To email Scott about this article, click here: Scott Rutt Follow Scott on Twitter @ScottRutt or get updates on Facebook, ScottRuttDC To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.
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