Cramer's Stop Trading! I Have Been Had by the Banks (6/29/11)

Includes: AWAY, BAC
by: Miriam Metzinger

Stocks discussed on Jim Cramer's Stop Trading! TV Program, Wednesday June 29.

Bank of America (NYSE:BAC), HomeAway (NASDAQ:AWAY)

Wednesday's market had bad leadership, namely, the banks which are "always suspect," said Cramer. He expressed disappointment that Bank of America (BAC) settled litigation to the tune of $8.5 billion rather than fighting. "I was fooled," said Cramer. who says he felt misled by Bank of America. "They should have been sophisticated players and should have known what they are doing...I have been had so often by the banks."

On the news that News Corp. sold MySpace, Cramer expressed surprise News Corp. didn't have to pay someone to take it.

HomeAway (AWAY) might have risen too much, but Cramer thinks there is something to its business model. "Of course it is part of the bubble, but I salute the bubble," as long as investors know when to get out. The best strategy is to get into hot IPOs and to sell before the secondary offering.


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