This past week, Jim Cramer was still a believer that it will be hard to keep this market down. But he did caution to respect the selloff and wait to buy on pullbacks.
He believes there are "so many people out there who want in, so many who can't stand to miss the next move, and so many who have sold because they didn't want to give back gains" that waiting, even for an intraday pullback, is the right move. He also said we should root for a pullback which we need for the market to ultimately go higher.
He still is amazed and excited by strong moves in his "wild bull markets" from last week. Of course, he also gave us a few more places to look including oil plays and "big cap" brokers. Here are some of the highlights from Jim over the past week (aggregated from Mad Money, Stop Trading! and his articles):
: On the June 6 Mad Money show, Cramer announced there are four new "horsemen of tech" that investors can bank on to drive this market.
However, before naming these four stocks, he first called out the four "retired horsemen of tech." Intel, Dell, Microsoft and Cisco Systems have all fallen from their former days of glory, Cramer said.
But even though Intel, Dell, Microsoft and Cisco are no longer the four horsemen leading the market, the idea that tech stocks can be owned and traded during dull summer days still exists, he said. This new group has "taken over," and these are the ones worth owning, Cramer said.
"They are in charge" and are all "gigantic names that are so good they can't be competed with anymore."
: Cramer said earlier in the week that there have been "monster moves in the oil stocks, just monster. This move has everything to do with a radical shift at a couple of mutual funds that recognize that you simply can't not own a group that has massive visibility and the ability to endlessly raise dividends and buy back stock ... I am a huge believer in this move. I am never going to say that
shouldn't be bought because it has an 11 multiple and that's too high. That's nuts!...These stocks are cheap and they are hardly value traps. They are companies that control their own destiny right now."
: This past week, we saw that the appetite for subprime remains fairly large. Earlier in the week, Accredited Home Lenders sold out for $15.10 a share. Three months ago, this stock traded at $3. "This kind of transaction, with an outfit called Lone Star, shows you the demand for this kind of capacity. To me it says that you should think about the brokers again. Many of the brokers have been severely punished because of their association with just the type of business that Lone Star just bought." Cramer's
On the May 29 "Mad Money," Jim Cramer took viewers through six "wild bull markets." And earlier this week, he said the "funny thing about bull markets is they just get better and better." Cramer is a huge fan of the following bull markets that continue to run.
: Earlier in the week on Tuesday, Jim couldn't believe what he was seeing. The market was heading south and he had to point out that there were 7 names you had to buy lower that session if you could. "They keep giving you opportunity after opportunity. I know, seems inconceivable. But it's empirical.
may still be near those Tuesday buying levels. Stocks include
: On Wednesday's pullback, Jim offered that "already this morning I have listened and read to enough people to know that the bears and the tepid bulls are right back in our faces telling us that the market's had its gains for the years, or it has to rest and we are going into a down period ... I would buy, into this selloff, the stocks that are just being upgraded or the stocks that are buying back stock and have high yields ....What to buy?"
may still be hovering near Wednesday's levels. His plays include
Cramer was full speed ahead last night with his latest
. He was bullish on several stocks such as
and Goldman Sachs but also bearish on the likes of
Annaly Capital Management
At the time of publication, Altucher and/or his fund had no positions in stocks mentioned, although positions may change at any time.
James Altucher is president of Stockpickr LLC, a wholly owned subsidiary of TheStreet.com and part of its network of Web properties, and a managing partner at Formula Capital, an alternative asset management firm that runs several quantitative-based hedge funds as well as a fund of hedge funds. He is also the author of
Trade Like a Hedge Fund
Trade Like Warren Buffett
. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Altucher appreciates your feedback;
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