Recap of Jim Cramer’s comments on Stop Trading! Tuesday July 1.
Lehman Brothers (LEH), CIT (NYSE:CIT), Apple (NASDAQ:AAPL), Research in Motion (RIMM), GM (NYSE:GM), VF Corp (NYSE:VFC), Costco (NASDAQ:COST): Tuesday's rally was dramatic, as the day got off to a slow start with sluggish futures, but turned around to the upside for the Dow. Cramer said the rally was "the most bullish thing that can happen." Lehman's upgrade, CIT's selloff of its bad mortgage and equity loans, and a reversal in Apple and RIMM helped fuel the rally. Although Cramer dislikes GM, the fact the stock actually rose demonstrated how bullish the market was on Tuesday. Although some may call this an isolated rally in a general bear market, Cramer believes there was real capitulation and strength in stocks such as VFC and COST. Cramer says shorts had better cover.
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