Did Cramer say he wanted to buy Goldman Sachs Group, Inc. [[GS]] & Morgan Stanley [[MS]] September call options last night?
Can somebody confirm he said this? This might be the worst call know to man.
In other news, the financial are getting absolutely murdered. In my 7 years of trading I’ve never witnessed blood like this. And, somehow it doesn’t feel like it’s enough.
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Someone should hack Cramers investment accounts and put all his money into GS and MS Sept. calls.
He owns MS and GS in his charitable account, when I saw that on the screen last night I almost lost my shit.
Due to his job on cnbc, Cramer is not allowed to own stocks.
He’s only allowed to fuck up other people’s portfolios.
For the record: GS is down 22.45% and MS is down 42.30%
But, I’m sure if you bought the call options at the open it equates to being down 100%
We have to get near 10,000 before a bottom can even be thought about.
He can’t trade a stock for 5 days after he talks about it on air. So he’s probably gonna ride MS/GS to zero if he has to.
Ha, I forgot about that.
Good point!
He absolutely did, and I posted about it in the comments of one of Fly’s posts from yesterday. It wasn’t an outright plea for people to buy them, but he said there was a lot of money to be made by buying the GS September calls. A complete asshat. He’s supposedly speaking to the common man, and he is suggesting options that expire in 2 days in one of the most volatile stocks in an already volatile market. Complete asshole.
Also, the other day, he definitely mentioned that he bought more GS and MS for the old charitable trust. That was when GS was trading around $130. The only charity that trust pays out is to the traders on the other side of its positions.
Here’s a link:
http://www.thestreet.com/story/10437990/1/jim-cramers-stop-trading-the-bright-side.html
The hilariously pertinent text is:
Cramer, who owns Goldman Sachs and Morgan Stanley for his Action Alerts PLUS charitable trust, stood behind the two financial companies. “I tell you that September calls on these positions will be rewarded for very little capital,” he said.
And from the day before:
As for Goldman Sachs, Cramer said: “Everybody hates them! They’re the most hated group of guys I know.” He said that it’s as if no one who’s talking about Goldman right now listened to its conference call. “They won! This was a beautiful quarter!” he said.
They won, indeed.
The sad thing is that everytime I list one of Cramer’s books for sale, it sells almost immediately, so people still want to read him (why???). Yes, I feel guilty selling it, but I still do it for the money, go ahead, say it… book slut.
He should be kicked off CNBC imho.
Shit. Cramer looks like a genius right now. Anyone who bought GS and MS calls earlier today made out like a bandit.