Cramer's Stop Trading! Is the Market Too High? (7/8/09)

Stocks discussed on Cramer's Stop Trading! TV Segment, Wednesday July 8.

American Express (AXP), JP Morgan (JPM), Ruby Tuesday (RT), Charming Shoppes (CHRS)

On her program "Street Signs" Erin Burnett interviewed two CEOs, neither of whom were so bullish on the economy. Cramer confessed that after seeing both interviews he had the impression the market is too high.

American Express CEO Kenneth Chenault's comments were "really negative" and even "jarring" according to Cramer. Chenault was dismissive of the upturn in recent months and says the only real improvement in the economy will come with job creation and more consumer confidence. The CEO said he is moving into India, rather than expanding domestically, and Cramer was concerned that those hearing the interview would expect another very hard downturn in the near future.

JP Morgan Vice Chairman James B. Lee, Jr., whom The Street calls "the trillion dollar man" was slightly more positive as he stressed his bullishness for the long-term. Cramer noted there has been at least some good news recently, with Ruby Tuesday's strong earnings and potential in retail for Charming Shoppes. Lower gas prices may stimulate consumer spending more than any government check, said Cramer.

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Comments

[thotdoc:]

Cramer seems mostly bad entertainment. Yet, he gets a lot of SA space.

What am I missing?

Jul 09 08:47 AM