NEW YORK ( TheStreet) -- Jim Cramer fills his blog on RealMoney every day with his up-to-the-minute reactions to what's happening in the market and his legendary ahead-of-the-crowd ideas. This week he discussed:
- why the current market is not that bad; and
- the bull and bear cases for Facebook.
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The Market's Not that Nasty
Posted at 7:01 p.m. EST on Thursday, Jan. 31All day today I wanted to be bearish. I read Doug's columns and I found them very persuasive. Plus, I can't say I am crazy about a setup based on various short squeezes all over the place like the ones in the cloud and the ones in semiconductors, although they sure passed by Broadcom (BRCM). But I keep coming back to how broad-based this whole rally is. I keep thinking, like my friend and colleague at TheStreet Matt Horween, that we may be just forming a gigantic, well-rounded base. As he just pointed out to me, we have not really surged if you look at a long-term monthly chart. Plus it is not like we are seeing froth all over the place. They aren't running up bogus biotech or small-cap semiconductors or device stocks that don't make sense. Instead these are mostly backing-and-filling advances with pockets of selling that are quickly met with buyers, although usually not as fast as Facebook (FB - Get Report) was today. To me the buy-on-a-pullback view is something that people espouse, but don't really do. I heard lots of people talking about buying Facebook and Blackberry (still Research In Motion (RIMM) at the moment) on pullbacks, but when they get them they want more of a pullback. You just aren't getting that "more of a pullback" that would make it so easy to join the advance. To me, the best way to look at this market is with the stocks of the companies I had on "Mad Money." We got a sell on KeyCorp (KEY - Get Report) from Bernstein today and the stock barely got hit and then came back and next thing you know I am listening to the CEO and I am thinking "How could a guy put a sell on a stock this cheap?"