This column was originally published on RealMoney on May 17 at 11:19 a.m. EDT. It's being republished as a bonus for TheStreet.com readers.
Look at this classic pinning!
at $45 despite all the negativity.
at $70 even though we had a big court win.
Procter & Gamble
at $55. Mind you, these all will be rounded to within 5/8 of a dollar of the strike, which is where you get exercised.
It goes on:
- FedEx (FDX) - Get Report at $110.
- IBM (IBM) - Get Report at $80.
- Halliburton (HAL) - Get Report at $70.
- Exxon (XOM) - Get Report at $60.
- Newmont (NEM) - Get Report at $50.
- Morgan (MS) - Get Report at $60.
- General Electric (GE) - Get Report at $35.
- Microsoft (MSFT) - Get Report at $22.50.
- Caterpillar (CAT) - Get Report at $75.
- Cisco (CSCO) - Get Report at $20.
- Alcoa (AA) - Get Report at $30, despite the onslaught.
- Merck (MRK) - Get Report at $35, despite all the good news.
- Johnson & Johnson (JNJ) - Get Report at $60.
- Wal-Mart (WMT) - Get Report at $47.50.
- Occidental (OXY) - Get Report at $90 -- what a force down that's been!
On and on.
With the exception of
-- the day is still young with that last one -- I see it everywhere. What makes me think that shakeout is the last one is that many of these stocks are on the other side of the strike, the lower side, which means that the puts will be sold and the stocks will be forced back up to the strike, which is
than where the stock is now.
That's a good sign. It is a sign that we should be able to hold or rally from these levels as the put-selling kicks in.
Thin gruel, I know, but at least it shows how a bottom could be formed.
General Electric owns CNBC, for which Cramer is a featured commentator. At the time of publication, Cramer was long UnitedHealth Group, Halliburton, Microsoft and Occidental Petroleum.
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