Jim Cramer is a contrarian bull, brave when others are… oh, wait
In its review of the status of the seasonal rally that we projected ahead of time due in part to extremely over- bearish sentiment, NFTRH 734 noted the following, among several other angles from which to view the situation…
The idea was for a market rally due to extreme over-bearish sentiment, the mid-term election cycle and the normal seasonal for this time of year, which tends to bottom in October. Well, check, check and check. It has come about.
So of course it is an appropriate time for the world’s most reliable contrary indicator to stir up Ma & Pa on da TeeVee!
“Memo to America’s bankers: Don’t try to frighten us. Don’t try to get us to sell everything. Don’t be grinches telling us a hurricane could be coming.”
He then proceeds to provide no sound information in support of his contrarian bull stance. Where was jumpin’ Jim in mid-October? I see him bravely touting now with dumb money strongly elevated over the last couple of months and NAAIM spiked to an extreme. But I don’t hear any rationale other than bank CEOs are trying to scare us and war this and China lockdown that.
I suppose there is a first time for everything. Maybe this Financial TeeVee star will get one right. But speaking as someone who constantly weighs and evaluates my viewpoints for soundness, this tempers the side of me that wants to become contrary bullish on the markets for anything more than the already projected seasonal rally.
In short, anything can happen. But if the Cramer indicator works as it traditionally does, feeding Ma & Pa and front porch/Main Street America a cartoon version of the markets, it is a grim sign for H1, 2023.
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