If I had the time I would pick his picks apart (see link below). I want you to know that I gave up watching CNBS months ago and now listen to BBerg radio during the day. Since Dillan R left I no longer watch FM. I don't even look to see what is on CNBS.
What got me going earlier today was a comment from a Stocktocker that said, "Cramer is too good. He calls continue to be rock. ORCL rocks". I asked if he was kidding and got this, "No I am not. I have been following his advice for the last year and am up almost every single time I make a trade. I bought orcl AH on his recommendation. He called the bottom at 666 and told me to get out at 10000. What more can I ask for?" What? Heloooo?
I was confused as some of the other commenters. I guess if you get lucky and play roulette you'll hit the number every now and then and this commenter must have been very lucky with what he chose to play. I hope he reads this post and any other Cramericans out there, cause the guy IMHO is not right. Buy, buy, buy or sell, sell, sell just does not cut it.
The must read post I liked the best I found was from Dailykos in March called Jim Cramer Uses CNBC to Manipulate Stocks. "This is Cramer's big secret. He figured out early that the way to make money betting on stocks was to rig the game - control the news and you control a stock's value. Now he has his own TV show." and " Jim Cramer is a crook. Wall Street is full of crooks. The next time you see CNBC, keep that in mind. They are not reporting. They are trying to sell you something and, quite possibly, trying to manipulate the market." For Cramer haters this is a must read. Eye opening to say the least.
What further took me over the edge was his flip flop on the Fed and his call for "a little less democracy". Say what? Best post on the web on this came from The Market Ticker. In More Bernanke, Mr. Issa, And The Media Denninger shreds Cramer, "LESS DEMOCRACY Jim? Oh, I get it. You think that The Federal Reserve should be able to break the law any time it wants? That it should be able to, for example, buy Freddie and Fannie paper even though the clear black-letter law says it cannot? The Fed should be able to set up "Maiden Lane" LLCs like candy for the explicit purpose of hiding deteriorating assets which it also cannot legally purchase?"
TD at Zero Hedge blogged in I Would Like To Thank The Academy, Goldman Sachs, And God (Jeff Immelt)... Where you get two nice vids. Today's defence and a link to the classic rant spanking the Fed.
If you have not seen the vid from Wiztradetv, they put TA to Cramer's picks. Stock Trading Rumble: Mad Charts Vs Jim Cramer 2009-06-23. Pretty funny.
Folks, we're all down on the media and CNBS deserves every bit of criticism they are getting. I think Cramer is crap and is not doing the public a just service. For some reason I am not going ballistic in this part of the post. Probably cause it is so sad, so pathetic, so....whatever adjective you want to put to it. Folks, if you watch him, please don't listen. I was going to add several videos here, but would much rather post Cynthia McKinney's vid than his (ouch!). If you don't believe me, do a little research into his past. Watch the John Stewart v. Cramer vid or one of the hundereds on youtube documenting his mistakes. If that does not change your mind your are hopeless. For suggested reading look up this, "Nicholas Maier worked for Cramer until 1998. He quit and wrote a book about it called, Trading with the Enemy: Seduction and Betrayal on Jim Cramer’s Wall Street (New York: HarperCollins, 2002)."
The one positive on CNBS is this from trader steve on Kenny's site today.
This makes up for some of CNBS's mistakes but not all. Nice!
(Note: Ever do spell check with Cramer all over an article? It pops up red all over the place. Even the computer does not like him LOL.)