Jim Cramer weighs in on the market on day two of a market rally which has kicked the first full week of April off to a positive start.
But if he had to use one word to describe the market action, what would it be?
Well, Cramer said that it would be "exhausted."
Watch the full video above for more.
Jim, if you had used one word to describe today's current market action, what would that word be?
Exhausted. I would say that that word, exhausted. I think it's exhausted. It's a dangerous word.
Exhausted because of the market rally that's going on when we're looking at data that could, I mean right now, better than expected, but could be worse going seven to 10 days from now?
That last 2% yesterday was so phony. I mean, I called it a panic route. It was panic. And just like when you see panic on the way down, Katherine, panic on the way up is no good either. And I... There's always these people, and I've had to revert to Jimmy Cho, they're always these people who say, "Jim, you know when it goes up you like it, that fast stuff. But when it goes down, that's where you can blame." And I'd say that the one average, I complain more about it going up than I complain going down because what that does is suck people in. And I think that there's a lot of people who don't understand. I don't like programs. I don't like the emphasis on the S&P. I don't like S&P buy. I like real buying of real companies. This is not a new position.
I adopted this position in 1985 when most of the people who criticized me were in diapers, except for the ones that weren't born. And I think that they have to recognize that when you have a rally like yesterday and it moves everything up, that's simply because they're in the index, and if they weren't in the index, it wouldn't go up. That's what you have to look at it. Would that go up if it weren't in the index? And the answer is probably not. Or J&J, well, I don't want... I want to save stuff for the real, for the paid people, but we did, I said, "Look, there are going to be some stocks and seeing if we got to fill, there are going to be some stocks, absolutely going to be some stocks that have just going to go up too much because the programs and we've got to sell it." And there you go. We sold some.