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Cramer on BloggingStocks: Play this week with a steady hand

 May 05, 2008 09:09 AM UTC
Return Risk
+2.00% MID
Tracked Blogger
Symbol Sentiment Start Return Closed
XOM Positive 05/05/08 +0.47% 05/07/08
UTX Positive 05/05/08 +0.52% 05/14/08
BP Positive 05/05/08 -3.76% 06/17/08
FNM Positive 05/05/08 +1.16% 05/15/08
BSC Positive 05/05/08 -3.23% --
HON Positive 05/05/08 +2.79% 05/19/08
S Positive 05/05/08 +4.89% 05/08/08
GE Positive 05/05/08 -3.69% 05/19/08
ETN Positive 05/05/08 -0.73% 05/19/08
PH Positive 05/05/08 +3.96% 05/19/08
FRE Positive 05/05/08 +0.86% 05/15/08
DT Positive 05/05/08 +0.28% 05/08/08

Graphic_arrow1 Via BloggingStocks:  

Filed under: General Electric (GE), Exxon Mobil (XOM), Market matters, Sprint Nextel Corp (S), Federal Natl Mtge (FNM), BP p.l.c. ADS (BP), Honeywell Intl (HON), United Technologies (UTX), Eaton Corp (ETN), Bear Stearns Cos (BSC), Stocks to Buy, Cramer on BloggingStocks

TheStreet.com's Jim Cramer says there's some reason for caution, but no reason to get out of the market here.

There all right there. Don't you feel it? Hundreds of stocks at resistance. Hundreds have formed a nice base. The Transports and the Dow are moving in synch. The earnings period surprisingly great, with so many companies not stung by the raw costs. Three straight up weeks, with all the commodity stocks showing signs of rolling over; most at crucial "must hold" levels except for gold, which has already crashed, making the inflation case much dimmer in the eyes of the traders.

Yet, you simply can't read the papers. They are too awful. The cost to the consumers for everything from food to gasoline is humongous and going higher, according to all the food execs I had on last week. We are getting nowhere near a bottom in housing. The layoffs, while not significant in the Labor Report on Friday, sure seem endless. The two major presidential candidates from the Democratic side want to tax the oil companies into oblivion, the leaders of the last year. Exxon (NYSE: XOM) (Cramer's Take) blew the quarter. So did GE (NYSE: GE) (Cramer's Take).

Too far, too fast, based on those grim items.

To me, this is the first week since the Bear Stearns (NYSE: BSC) (Cramer's Take) bottom that I think seems aimless.

But perhaps there's a "split the difference" way to approach this week: options expiration.

Continue reading Cramer on BloggingStocks: Play this week with a steady hand

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