"I'm trying to figure out, if we did everything wrong, where we would go, and I can't get below 5,320" on the Dow, said Jim Cramer on Friday's "Stop Trading!" segment on CNBC.
He said that Dow 5,320 is his "absolute bare-bones worst-case" scenario. He arrived at the number by imagining what would happen in specific worst-case scenarios, including
Procter & Gamble
, at $44.72 in afternoon trading on Friday, sinking to $36, and
, at $38.58 on Friday afternoon, also "going down that far."
Cramer's situation also imagines
at $12, from $15.38 on Friday afternoon, and
eliminating its dividend and heading to $11, from $16.69 on Friday afternoon.
The scenario imagines
"going all the way back down" and
"giving up much of its gain."
It also imagines
staying around $1 and
, at $29.63 on Friday afternoon, going to $24. And it "uses a $5 price for
," which was at $15.33 on Friday afternoon.
"Is this bullish? I don't know," said Cramer. "After that horrible, miserable analysis, I still get the 5,320."
At the time of publication, Cramer was long JPMorgan Chase.
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