Jim Cramer fills his blog on RealMoney every day with his up-to-the-minute reactions to what's happening in the market and his legendary ahead-of-the-crowd ideas. This week he blogged on:
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now we know how big the stumble . Clarity is a wonderful thing. The market believes in charges. The market believes in them because they are meant to slam the book on mistakes. I saw Dick Bove from Punk Zeigel on this morning using a basic cockroach theory (bad news tends to come in clusters) with Citigroup. He believes there's more to come. He may be right, but he misses the real point: Until you have another charge, people presume the best. The obvious is also true; there were wild rumors out there that both UBS and Citigroup had much worse black holes, virtual quarries. Looks like the closure is spilling over to Merrill Lynch ( MER), which was challenged last week by the Goldman piece. Clarified! Same with eBay. It has finally bitten the bullet on Skype and changed management, recognizing the mistake. The market will love that, too. That's just the way it works. You don't like it? Go be an academic. Random musings: Nokia's ( NOK) taking on everyone with this buy of Navteq ( NVT). It has me trying to figure out if Garmin ( GRMN) can be bought knowing that it will still be a Garmin Christmas. Wait for a downgrade tomorrow? Or will we get a reiteration? Don't know myself. At the time of publication, Cramer was long Citigroup.