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:
- Stocks breaking out of their usual ranges, and
- The effect of an increased supply of stock.
Click here for information on RealMoney, where you can see all the blogs, including Jim Cramer's -- and reader comments -- in real time.
I'm Getting Sticker Shock
Posted at 12:22 p.m. EST on Friday, June 20, 2014
Holy cow, $131. Chevron's (CVX) at $131? That's what I said last night when a guest in our audience asked me whether it was time to let go of some chevron at $131 and cycle into another oil.
You know what I experienced when the questioner asked about Chevron? I experienced sticker shock, a revelation that, at last, Chevron had left behind a range that it had been stuck in for a full year of trading. I had known Chevron as a stock that needed to be bought every time it dipped below $120 and then sold every time it got to the high $120s. The trade was money and it had been money until right about now, when it broke through the range to where it had not been before.
We have been experiencing sticker shock all over the place of late. For eight months, PPG (PPG) dallied in the $180-190 area. Then, three weeks ago, it broke out of that range and hasn't looked back.