In Wednesday's downdraft, there's evidence of bank, semiconductor and health care stocks bottoming, Jim Cramer said on
"Stop Trading!" segment Wednesday.
There's "no bottom yet" in machinery, steel or copper, though one "could come later in the week," Cramer said. He noted that "everything is being accentuated by the fact that today is fulcrum Wednesday," or the day when options settle before expiring on Friday.
One thing that limits downside is share repurchases. Cramer pointed to
Bank of America
, where the companies are "in there with buybacks that stop you out."
Two stocks that would be up a lot more if not for the generalized pain are
, Cramer said. Abercrombie had a "monster quarter," while at H-P, CEO Mark Hurd "is the savior."
Cramer also argued that the pain in gold is being amplified by selling in related exchange-traded funds, where the "specialists can't handle the pressure of ETFs and regular stocks."
At the time of publication, Cramer had no positions in the stocks mentioned.
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