Jim Cramer says the stock market will bottom after speculators find the exit
The market euphoria is coming to an end after Wall Street was overtaken by rampant speculation, CNBC’s Jim Cramer declared after stocks fell hard Monday.
“Once the speculators are blown out … and the stocks that are already down huge start rallying, then we can find a tradeable bottom,” the “Mad Money” host said. “We’re close, but the speculators haven’t been fully crushed yet.”
Cramer suggested investors begin looking for buying opportunities in stocks that have already suffered a 10% to 20% pullback. He also recommended investors add a bank stock to their portfolio after the group took a hit, despite posting strong earnings reports.
Cramer, however, did point to a silver lining coming out of the oil trade. Speculation in oil slowed dramatically, he said, after OPEC agreed over the weekend to boost production.
Reference: CNBC
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