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Sunday, June 07, 2009

Jim Cramer DOW 6500 Bottom Call Myth

On June 1, 2009 Jim Cramer gave a summary on his show of what he saw to call a bottom on the stock market at DOW 6500 by saying "the worst is over, the downside was over and the time was ripe to buy."

Don Harrold says Cramer is "perpetuating the myth" (aka lying.) This is an excellent video by Don Harrold showing how bearish Jim Cramer was at the bottom of the bear market. Below this video, I show the closing prices for the DOW as it fell from the 7000s to 6,594.44 on March 5 then back to the 7,000s by March 12, 2009. I also show the date in chart format.

For those of us who were buying when the market bottomed, this "perpetuating the myth" of something Cramer did not do is upsetting.
What do you think? Is Jim truthful or is his show just another version of "The Simpsons" but with an investment theme?
He thought the DOW could go down another 15% to 5300 before it would bottom.

To Jim Cramer's credit, he did turn bullish soon after the market bottomed, but how many did he scare out with his bearish commentary at and near the very bottom?

I like Jim Cramer's show for entertainment and good investing ideas, but if his investment record was good, then don't you think he would publish his long term record by year like I do?
DOW Closing Prices near around the bottom.


click chart courtesy of to see full size image

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