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NEW YORK (TheStreet) -- What are the two best words to describe this market? Fear and loathing, Jim Cramer told his Mad Money viewers Tuesday after another confusing day on Wall Street. Cramer said fear and loathing is what professional money managers are feeling as they try and make sense of the action.
What do money managers fear? Most of it resides overseas, Cramer explained. He said Japan's failed strategy to reignite its economy is worrisome because that country seems to be falling deeper into disarray. Then, of course, there's China, where even with lower and lower estimates the country struggles to provide any surprising economic data.
The markets are also worried about Ukraine, whether it be sanctions or outright conflict -- just about every outcome seems worrisome to traders. There's also the usual trading of U.S. bonds, which continue to see prices rise and interest rates fall, at the exact point in the economic cycle they should be doing the opposite.
Cramer reminded viewers Wall Street always fears the unknown, and when bonds do the opposite of what they're supposed to do something is very wrong. He said traders also don't like the wild intraday swings we've been seeing, with strong opens and very weak closes.
Add to that surprising rallies in select high growth stocks and inexplicable selloffs in others and, well, you can see why money managers are heading for the hills and loathing this market.
If You're So Good...
If all of these initial public offerings are really so good, why weren't they acquired? That was the question Cramer posited to viewers as he continued his rant against the flood of initial public offerings that have hit the market so far this year.
Cramer said if the myriad of cloud, biotech and human resource IPOs were really as good as the analysts think they are, the established players would've swooped in and bought them before they went public. The fact these deals came to market at all means the bankers feel the public will value them more than the potential acquirers, and that's very worrisome.