Wells Fargo is a Winner - Cramer's Stop Trading! (9/11/08)

Recap of Jim Cramer's comments on Stop Trading! Thursday September 11.

A Winner - Wells Fargo's (WFC), Bank of America (BAC), Lehman Brothers (LEH), Washington Mutual (WM), Sears (SHLD)

"Wells Fargo is a winner here," said Jim Cramer on CNBC. He urged people to look back at the early 1990s, when what was to become Bank of America bought Security Pacific. It was "completely unbelievable, impractical," he said. "No one believed it, and yet that's when Bank of America became a great bank." Now Wells Fargo is in a position to acquire Lehman Brothers or Washington Mutual should either be seized by the government -- something that needs to happen to avoid "a great depression," he said. "The banking system is falling apart. Let's save it before it goes to zero." He distinguished the "dysfunctional banking system" from the overall economy and said he expects a "huge" holiday season. "I'm paying $2.50 at the pump," he said. "Mortgage rates are the lowest they've been." He recommended buying Sears Holdings. He also saw bullish signs in falling oil prices. "Oil going down through $100 is really, really bullish for a lot of the market, not for the oil stocks," he said. Some of the oil stocks are going up due to the hurricane.

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Comments

[Mike, Nj:]

That means that these stocks are ready to crater.
I have consistently been making money using Cramer-contrarian approach: he recommends a stock, you buy a put...

Good luck with this guy!

Mike, Nj

2008 Sep 11 04:26 PM

[Britishsteel:]

cramer you have no shame and you know jack shit about stocks, all you know is how to suck people into investing and we all know thats a suckers game

2008 Sep 11 05:02 PM

[Did U Think...:]

Loks at WFC chart. Anytime you see that rocket mania exponential run up on the left you can be sure that a huge run down is going to happen on the right. As mentioned above, cramer is leading the sheeple to the slaughter. The man should be banned from the airwaves yet he is allowed to go on and on.

2008 Sep 12 11:19 PM