Jim Cramer: A Confounding Market
Editor's Note: This article was originally published at 7:23 a.m. EDT on Real Money on Oct. 2. To see Jim Cramer's latest commentary as it's published, sign up for a free trial of Real Money.
NEW YORK (Real Money) -- This has become a "you must be kidding me" market. Usually I am glued to the close as we prepare "Mad Money" each night. I never like to feel "away" from what's going on, because it is possible that I'll have to rip up the top of the show if things get wild. You can't afford to have a show that doesn't address a big move.
But Tuesday I did the show from outside the NYSE instead of Englewood Cliffs, N.J., and I was without wireless so I couldn't follow things -- so I was stung by the last-minute close. I had been working my Washington channels -- which, I admit, are meager vs. others -- and could only come up with negatives. In other words, nothing was expected to happen in Washington in the next 48 hours. So I was thinking that this market should stay down at the close, be subdued, without any new information.
Nope. It ran.I wanted to scream at the market, "What do you know that the rest of us don't?" But now we see the answer: nothing. Nothing at all. I continue to think that there are risks to the numbers that comes from the vast confusion that a shutdown engenders. Businesspeople plan. They like to make moves based on some stability. But Washington is providing a fabulous excuse to do nothing. I was gratified when Duncan Niederauer, the CEO of NYSE Euronext (NYX), said he didn't think the initial public offering process would be impeded because the queue is huge. But then I figured, who knows? Maybe in order to prove a political point, someone from the executive branch will say the Securities and Exchange Commission should only work on enforcement, and not corporate finance. Who's to say "no" to that? With the lack of any appropriations bills for years, we really have no idea who has money and who doesn't. It seems like the shutdown is designed only to aggravate the highest possible of people who can aggravated. In real life, though, the ripple effect of 2 million federal employees being taken out of the spending loop isn't all that different from a hurricane taking out a part of the country -- except that we don't have insurance funds to rebuild and boost the economy. This isn't Hurricane Sandy. It's Hurricane Cruz, and there's no real making up for lost business.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV