The reason he is right at times because he has his hedge fund buddies (he used to be a part of) pushing the shares in the direction he states on his airtime on CNBC. When he says it's oversold that means his buddies flipped the trade.
You know he is the biggest "bandwagon jumper" there is and usually the stock has already made its big move and THEN he claims he was right all along...
looking for a bounce this afternoon or tomorrow near 70 and then will re-evaluate based on what the market is doing but I hate to "sell at the bottom or buy at the top" which is what often happens with Cramer.
On Jan 1 2011 Cramer said his favorite dow stock of 2011 was Alcoa……he dedicated half the show that night to just talking about why it was the best pick for 2011……fast forward to Dec.31st 2011 and Alcoa was down 43% for the calendar year......it finished 29th out of 30 Dow components, only BAC had a worse return……it is one of the worst calls I’ve ever seen anyone make, period.