Cramer's Stop Trading - Transports Screech to a Halt (3/5/09)

Stocks discussed on Jim Cramer's Stop Trading TV Program, Thursday March 5.

Fed Ex (FDX), Norfolk Southern (NSC), CSX (CSX), Citigroup (C), Bank of America (BAC),

Transports have declined so much it seems that trade has come to a halt. With Fed Ex, Norfolk Southern and CSX at 52-week lows, Cramer says Obama’s stimulus is not doing enough for this sector. Financials are also in the doldrums; Citigroup trades at $1 and Bank of America at $3.18. This demonstrates that the short-sellers are in control of the banks when the government should be stepping in. Treasury Secretary Timothy Geithner’s lack of clarity and leadership is causing “the destruction of the American banking system.”

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Comments

[Harry Tuttle:]

The short interest in bank stocks is relatively small (retailers have higher short interest).

I see that some people never want to give up on their scapegoats.

Mine is CNBC.

Mar 06 10:03 AM

[Elliott:]

Uh, the Obama administration is not destroying the banking system. The banks did this to themselves. No one pointed a gun at the bank's heads and said they had to write no doc, no down mortgages.

Mar 06 10:30 AM

[Carousel:]

Uh.. yeah actually someone did point a gun at them, metaphorically of course... the government, Chris Dodd, Barney Frank, democrats, the CRA.

Mar 06 11:04 AM

[PROXIMO:]

Uh, the banks were going to self destruct regardless, from incompetence and greed. The gov't merely hastened the inevitable.

Mar 06 09:27 PM

[MAUX:]

The nature of humans is to have a free hand at anything they can get away with. Look at the destruction of wildlife, forests, and natural resources. It is the same with destruction of monetary systems. We better accept the fact that strict regulations are in our cards. The fat cats who have become addicted to excess are like drug addicts in regression. Soon everyone will get used to the fact that living within our means is a good thing.

Mar 07 02:58 PM

[Don-n-ABQ:]

Maybe we should choo-choo north of the border, up Canada way?

Canadian National Railway (CNI)

Mar 07 06:55 PM