NEW YORK (TheStreet) -- 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:
- How the market has lost its mind and its memory, and
- A "particularly moronic phase of equities."
Click here for information on RealMoney, where you can see all the blogs, including Jim Cramer's -- and reader comments -- in real time.
The Market Loses Its Short-Term Memory
Posted at 3:47 p.m. EST on Friday, May 23, 2014
This market is not only stupid and mercurial, it has amnesia too. Just a week ago, we were hearing about how you don't want to be long into the Ukrainian elections. There could be regional strife, maybe even the beginning of a NATO challenge. Now people are buying Yandex (YNDX) and Vimpelcom (VIP) and forgotten there even is an election.
Earlier this week, some commentators came on air and said that they see dire times, on the basis of complacency and obliviousness to the slowdown in the economy. They were worried, concerned, even convinced that the market was going to get hammered.
Where are they now? Where? And have they gone bullish because the market has been going up? I mean, we are having the best three-day skein in more than a month, right on the heels of their jeremiads. Did they turn bullish right after turning bearish? Inquiring minds want to know.
Or how about remembering from one afternoon until the next morning? Hewlett-Packard (HPQ) was sinking faster than the Titanic after it prematurely released disappointing numbers. Fifteen hours later, those same numbers have produced the best performer in the S&P 500. I know I was mocked in the morning because I said it was a good quarter.