- The end-of-week selloff;
- the bear case with Netflix; and
- President Obama's State of the Union speech.
Assessing the Damage Posted at 4:24 ET on Friday, Jan. 28. Totally indiscriminate selling today, the first real correction in a while and one that is quite ugly. It's remarkable how widespread the damage is, including stocks that should be winners in light of the protests we are seeing, such as Deere ( DE), even though Mosaic ( MOS) and Potash ( POT) are up. > > Bull or Bear? Vote in Our Poll We have some remarkable declines in biotechs such as Celgene ( CELG), which doesn't make sense, or Qualcomm ( QCOM), which just reported a terrific number and is totally rolling over. Obviously the selloff in Amazon ( AMZN) has just rolled over into everything involved with the mobile Internet tsunami, again, except Netflix ( NFLX), where the shorts are still reeling. The saving grace, the cloud, after Verizon's ( VZ) verifying acquisition, has avoided the selloff, and Salesforce.com ( CRM) looks very strong. Of course I get that Ford's ( F) backlash is weighing hard on everything auto. But there, too, the car builds are what matters, and they are getting better and better. The only trade that's not indiscriminate is the rally in gold, which has had a severe correction, and as I have said, over and over again, that correction is through at the end of the month. Well, take a look at your calendar. I think the market could have handled just Egypt, just Ford or just Amazon. All three, and you get what you have in your screen: a very nasty picture. At the time of publication, Cramer had no positions in stocks mentioned.