Cramer went from yelling buy Bank of America to looking like the market is going to crash. He said it's a great thing to stay in all cash under current conditions. That's a far cry from his BUY BUY BUY a couple of days earlier. The market is going to retrace another 1000 points, no doubt about that. Especially with the summer here and the terrible economic data piling in. They've been manipulating all this time but Friday was a reminder that we've been lied to. I believe you'll buy BAC under $10 soon. Let's stop being stupid, stop listening to the BOVES and Cramers and use your common sense.
so you feel bad for not buying at 3 4 5 6 7 8 9 and 10 so now you will wish it down. As for me Im going to enjoy my hot dogs and fireworks this fourth after buying 13k at 5.88. You will not be able to buy it below 10 get over it
How do you know where I bought it? LOL. I was on board this thing from the beginning. I bought 4k shares at 6.67 and then it dropped to 4.75 so I bought another 4k shares, and then it dropped again to 2.55. On the way up from 2.55, I bought 20k shares at 2.67. All in all I had 28k shares which I dumped at 13.43. I'm not chasing this stock by any means. Through this huge run up, BAC has been good to me but I know when I'm playing with fire. I pulled out because I'm betting it'll drop further from here. If I'm wrong then I'll deal with it, no big deal. Life goes on... If I'm right, I'll pickup the same shares for a lot less. What, did you think you were the only one that bought BAC cheap? When insiders are buying at those low prices then that is telling you something.
Rules for Successful Bashing:
2. Use 10% fact. 90% suggestion. The facts will lend credibility to your suggestions.
June 5, 2009 11:35 AM EDT
Today, TheStreet.com's (Nasdaq: TSCM) Jim Cramer purchased 2,500 shares of Bank of America (NYSE: BAC) at the open around $12 for his ActionAlertsPlus.com portfolio.
Below Cramer outlines several of the reasons why he decided to take the plunge into Bank of America.
BAC raised most of its capital that is required by the U.S. government under the stress test through "at the market" sales, preferred share exchanges and its $7.3 billion sale of China Construction Bank. This ensures Bank of America will eventually be able to repay TARP, like its competitors.
As everyone knows, Cramer thinks housing has bottomed, therefore Jim thinks Bank of America is a great way to play the housing recovery with its ownership in Countrywide and other mortgage operations.
The steep yield curve is a big plus as banks benefit from borrowing short and lending long, called positive spread investing, and will also contribute nicely to earnings.
He noted the Merrill Lynch integration is going very well, and it has had market share gains in capital markets, investment banking and trading.
Finally, Jim Cramer believes Bank of America's true earnings power is $3 a share, and that makes the stock very cheap on an absolute basis and relative to its historical average. He noted he'd buy more BAC on any weakness, especially at $11 or lower.
THAT'S A MIGHTY FINE BUS HE THREW US UNDER! :)
Next the bashers will attempt to say, "But that's the past! He turned on you!"
Oh, really? Notice the OP quoted NOTHING from Cramer specific to BAC, nor did he provide a link. Here's how you provide a link.
"TheStreet.com's Jim Cramer says stock prices may roll back, but techs and financials should be fine."
" I do not believe the techs have as much to worry about, nor the banks, because both have excellent earnings prospects for the coming quarter. Why sell Apple (NASDAQ: AAPL) (Cramer's Take) here? Why sell Microsoft (NASDAQ: MSFT) (Cramer's Take)? And why dump Wells Fargo (NYSE: WFC) (Cramer's Take) or Bank of America (NYSE: BAC) (Cramer's Take) or JPMorgan Chase (NYSE: JPM) (Cramer's Take) when those have the best possibilities of good news ahead? I can see locking in some Goldman Sachs (NYSE: GS) (Cramer's Take) gains, but that's going to be the best quarter of all."