Wow, the bulls are really feeling good. “Wells Fargo Carries The Day” and the S&P and Dow closed at 2 months high and the Nasdaq is near its highs for the year.
On Mad Money this evening, Cramer went so far as to call “a turn in the economy”, saying “the facts have changed”, “the situation has clearly improved” and “things are getting better”.
This isn’t the first time Cramer has called a bottom and he’s been wrong before (For example, see “Cramer Declares The End Of The Bear Market” , Top Gun FP, July 31, 2008). The market topped out a couple weeks later.
On Monday October 6, Cramer went on the today show and told people to sell any stock money they might need in the next five years. The market bottomed that Friday.
It could run another couple weeks but this rally is running thin. Methinks me smells a top…..