Let's talk about this market.
It rallied at the open, and then fell, and then went up once more. It's safe to say it's been quite a volatile trading session Friday.
So, when should investors expect a market bottom?
Here's what Jim Cramer says.
Watch the full video above for more.
Let's talk about that volatility that you just referenced. I mean, futures were pointing up and then we went down and now it looks like the Dow's up about a hundred points. Jim, when do we see the bottom of this market?
Well, I mean look, Larry Williams, who's one of my favorite technicians, and that's Williams %R, for those who follow the technicals, he's that big and [inaudible 00:01:42] speak of him by numbers. He's saying that this is a panic and that 66% of the time we see a bottom just from this kind of panic, and then even much higher, when you take a look, in say like, three, four weeks out.
I think he could be right if the Regeneron drug or if, let's call it the malaria drug, if the malaria drug's testing, and right now it's looking very good in a test in France, if the malaria drug is tested, and just because you have a small sample doesn't mean that's a test. You have to do a huge test of thousands of people. And I wish that they would not do it that way, but that's the way they do it. I would prefer them to just say, okay, listen, let's just start the thing on the people in Italy because they're dying horribly there, but they don't do it that way because they've got their way to do things and they're not going to deviate, even though the FDA's working fast.
But if we could get the malaria drug or get the monoclonal antibody drug of Regeneron or their older antiviral that was originally for RA, we get one of those to work. We finally get the testing that we need so that you know if you are safe and healthy, which is really important because then you can go back to work. Then I think we can avoid the four or $5 trillion bailout that I think is necessary.
I have been right about this thing since I came back from the Super Bowl and people thought I cried wolf and people thought that I was way over doing it like I did in 2007, but this time there's no people out to ridicule me and they accepted. But I was wildly ridiculed, or at least viewed as being someone who was unstable, because he came back from the Super Bowl without watching the game and was very worried about COVID, even ran a tape of me and Dave Tepper, the owner of the Panther's, great hedge fund manager, being worried about this COVID. But now everybody's figured it out and it's barely in the last two days, this nation has been gripped by it, and I'm saying that it's big. It's just far bigger than they think in Washington because a trillion is not big when it comes to a service economy.
So what they should be doing, as I've said from the beginning, is not try to figure out a number. Just say, okay, listen, we're going to start with a trillion. If it needs more, we're going to give it more so that the average person in America doesn't think, Oh, that's it. I got my 1,000 bucks and now I got to go starve three weeks from now. I mean, they have to recognize that they've shut probably two thirds of the businesses in the country and we can't just have it so that those people, whenever they stocked up, they eat and then when they're done, they can't afford it. So my focus is on the working person and trying to make it be people understand that the working person's going to be let down here if they just think about one trillion, a trillion three.
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