"I think that tech got buried alive with the rest of the world," Jim Cramer said on Monday's "Stop Trading!" segment on CNBC. Cramer, like many others, assumed at the beginning of the summer that tech would rally. But tech gets more revenues from overseas than other industries, and "it's a rest-of-the-world bear market."
That said, as always, there is a bull market out there somewhere. "The bull market is in domestics," Cramer said. "Any domestic is up huge today."
In particular, the bull market is in domestic retail. The
Oil Services HOLDRs
index that Cramer uses "is signaling more or less back to where it was in 2006. ... I frankly find that hard to believe," he said, but if it's true, gasoline's going to be $2.25. That, coupled with house-price stabilization, could lead to the return of the consumer.
bailout, Cramer said: "What worries me is that there are so many people that are saying this didn't matter." A bank such as
"should be thinking, 'OK, let's price some merchandise. Let's get our balance sheet refinanced.'" he said. "Many of the banks that don't have Fannie Mae preferred stock are doing great today."
At the time of publication, Cramer had no positions in stocks mentioned.
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