Recap of Jim Cramer’s comments on Stop Trading! Wednesday July 9.
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(BAC), Fannie Mae (FNM), Freddie Mac (FRE): After a sluggish close of the trading day, Cramer blamed financials and says he is worried about Bank of America. He called on the Presidential candidates to discuss a plan of action in case a major bank fails. While financials affect other sectors, Cramer doesn't think the slowing of this sector should lead one to be bearish on stocks in general, and he looks to safer areas such as healthcare. Cramer doesn't think a dramatic fall in oil will be great for stocks, since a lot of the S&P 500 is levered to oil. He added Fannie Mae and Freddie Mac are "technically insolvent." America
Cisco (CSCO), Seagate (STX), Oracle (ORCL), CVS (CVS), Rite Aid (RAD): People who thought tech was a safe haven are being disappointed as Cisco and Seagate are down and Oracle is in the House of Pain. Bottom-fishing in tech, says Cramer, is not a good idea. In retail, there are also very few good ideas, but Cramer would look at CVS after a bearish report from Rite Aid; "as Rite-Aid breaks down, CVS is the winner," Cramer said.
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