Cramer: This selling seems muted
Jim Cramer | [email protected]
But was anyone really surprised that the market was down yesterday, considering Cisco Systems, Oracle, Airgas, and the terrible European purchasing managers index numbers, on top of the Caterpillar and FedEx situation from Wednesday?
Don't you think it is logical to sell? The market isn't made up of only homebuilders and things that go into houses.I am puzzling over this, because in any other market that we have been in since the beginning of this millennium, we would be down huge.
We haven't seen this "everything is a one-off" attitude since the days when the market used to shrug off a U.S. Robotics downgrade, for heaven's sake. Every problem is being viewed as a company's own fault, not a tell on its sector or the economy, and then people think that the company will fix it by the next quarter.
This isn't forgiveness. It's a get-out-of-jail-free card.
Now I have been a believer that the U.S. economy is getting stronger. But I am also a believer that we are not ready for the sequester firings.
I am a believer that our markets are strong, aided by Ben Bernanke's bond buying. But I am also a believer that Europe is horrendous and, for all I know, a lot of what's ailing Oracle really is Europe--the company was pretty silent on it--plus a cutback in government spending here.
I am not a believer that Cyprus is Lehman. But I am a believer that Cyprus will color next week's trading.
I guess I am just marveling as everyone else is. We should be down hard.
Where are the darned sellers?
Disclosures: Cramer's charitable trust is long CSCO and ORCL.