This is the sort of meaningless horseshit that makes me throw my teevee dinners at the television set. Cramer went “off the charts” tonight and featured the work of some Fibonacci princess who likes to draw meaningless mathematical lines on paper and then deduce them to be predictive of future stock prices. Since she was right on her last go around, Cramer pulled her out of his side table drawer to discuss the utter nonsense she’s spewing out now.
After consulting with the occult and exercising her black magic powers, she’s deduced that if the market doesn’t bounce this week it will then fall to pieces, clown-raping itself, all the way down to (get this) SPY 1,225 aka a 35% WANTON DROP from current levels.
Nothing irresponsible about this financial advise, on a nationally watched teevee show, whatsoever.
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This is a formula that’s been successfully marketed before: “If the market doesn’t do X, then it has to do Y.” However, there is no truth there. As Richard Russell used to say “The market can do anything.”
There are numerous prognosticators who have been correct exactly once. When they make their next (wrong) prediction, after having once only been right, Cramer or someone else stands up and says “Well, they were right last time, so they are probably right again.
This is a formula that’s been successfully marketed before: “If the market doesn’t do X, then it has to do Y.” However, there is no truth there. As Richard Russell used to say “The market can do anything.”
god i hate fibonacci’s
There are two Jim Cramers. There’s the one that shows up at 9AM for Squawk on the Street who can offer insights of merit and can be dry/ironic/sarcastic funny. Then there is the P.T. Barnum character that shows up for Mad Money and too much preaches humbug to the rubes. Jeez, fibonacci bullshit. A new low.
Tells his viewers 50% is a fibonacci level, its not.
Well, /ES is sitting at 1853 so I guess we won’t be waiting long to find out.
How come he’s not featuring EXODUS as the tool to forecast the market’s next move?
I’m just mad I didn’t figure out the bottom would be from the ECB meeting on Thursday. I’d expect more pain until then while Draghi tries to get more of what he needs from bleeding markets.
ST/MT bottom that is. I think QE4 near elections will be the real LT bottom until we get all Mad Max and shit.
I’d be surprised if the Fed lets things get too out of hand as the primaries heat up. The last thing they want is more calls for an audit of their bullshit.
Isn’t this the same shit that lost TN most of her money over the last 6.5 years?
I use fib lines every day. Great risk management tools ?