CNBC's Jim Cramer said early Monday the market is displaying "classic bear market behavior" with U.S. stock futures pointing to a rise of more than 200 points for the Dow Jones Industrial Average after last week's drubbing.
"Talk about classic bear market behavior," Cramer said in a tweet. "We crater all week and then we open up huge on nothing, but because we are so oversold it is hard to let things go."
Talk about classic bear market behavior. We crater all week and then we open up huge on nothing, but because we are so oversold it is hard to let things go
U.S. stock futures were sharply higher early Monday. Stocks fell in Friday's holiday-shortened session, with the Dow hovering around a correction. The S&P 500 and the Nasdaq dropped deeper in correction territory.
Cramer has repeatedly blamed the Federal Reserve under Chairman Jerome Powell for spooking the markets, saying central bankers need to recognize that the economy is slowing and they can't move rates to a preconceived notion of so-called neutral.
Cramer warned last week that investors should sell their stocks if they expect the Fed to hike interest rates next month.
Wall Street expects a move in December and so does Cramer. The Fed already hiked rates three times this year.
from Top News & Analysis https://ift.tt/2r85nkx
No comments:
Post a Comment