A block trade in
suggests that money continues to rotate into defensive names, Jim Cramer said on
"Stop Trading!" segment Wednesday.
Some "Mr. Big" took a million shares of Schering-Plough Monday at $19.70, Cramer noted. "There is some big money moving into these companies, and they are moving in recklessly, which is just terrific because it means prices are going higher." Cramer noted a similar buy earlier in shares of
Cramer said this week's stock market weakness reflects
Chairman Ben Bernanke's "inability to rein in his Fed governors."
"Most of it stems from the idea that every single time you pop your head up, it's like 'Whack a Mole' by the Fed," Cramer said. "I'm waiting for one of these guys to say one of the reasons we have to tighten is that so stocks can go down big. That would be a lot better than the obfuscation coming from them now."
Surveying the wreckage, Cramer said
, which reiterated earnings guidance Wednesday, is part of a category that also includes
: "really horrible stocks."
Lowered guidance at
bodes poorly for
, Cramer said.
Cramer reiterated his favor for companies like
Bank of America
, where managers are "committed to the stocks" and aren't afraid to buy it back during downturns.
At the time of publication, Cramer was long Schering-Plough.
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