Jim Cramer: Lighten Up, the World Is OK for Now

The world didn't end two weeks ago, Cramer says, so everyone should just calm down and tune out the pundits.
By Jim Cramer ,

The short squeeze before the storm? Or simply one of those situations where those who got short after Brexit finally had to give in and cover?

I think a lot of it is the latter. I want you to think back to two weeks ago when the world was supposed to end. I want you to remember all who said it was over and that there was no coming back from Brexit, that it was systemic and we would be brought down with it. I want you to remember who came on air and who wrote that this was the worst thing that could happen since Lehman Brothers.

Oh, OK, who remembers? It doesn't matter, right? They will be right back on cue when we need them to scare us out of our wits when we get there.

Two weeks ago Monday I allegedly made a fool of myself going on The Today Show and saying that we would not be thinking about this after a while and that, if anything, if the market comes down you might want to buy, which is what we ended up doing, admittedly small, for ActionAlertsPlus.com.

I remember thinking, OK, why the hell not, why not just say what I was thinking, and when I came on Squawk on the Street I said, "What does Brexit have to do with the price-to-earnings multiple of Bristol Myers (BMY) - Get Report ?"

It seemed like I was a Pollyanna and I spent half the time on Twitter that night defending my "weak" stance that it wouldn't matter or that we would be better off because the Fed was really on hold.

OK, I am gloating a bit, but that's only because of how fed up I am about how many pundits -- and you know who they are -- came on and scared the bejesus out of everyone, scared 'em so badly that that Monday quickly became known as "Redemption Monday" given how much came out, enough that we were now past the amount that came out during the Great Crashes of 2008-2009.

Disgusting how people confuse systemic risk with event risk and get away with it.

Anyway, next week is earnings. We will hear guide-downs. But the banks are down enough that I suspect at this point with this employment number some may be able to tell a positive story and buy back more than announced --think Wells Fargo (WFC) - Get Report , an Action Alerts PLUS holding -- and all will be OK with the world.

All isn't "right" with the world because of the uncertainty. But OK? That's fine.

One last thing: For those who say I wasn't aggressive enough in telling people to buy, all I can say is, "Did I scare you? Did we do some buying for the trust?"

The answers to those questions are "no" and "yes," respectively.

Editor's Note: This article was originally published at 3:48 p.m. EDT on Real Money on July 8.

At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS was long WFC.

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