Jim Cramer's Wall Street Confidential, 11/26/07: Where's the Pin Action?

Includes: BB, HPQ, KO, PEP, PG
by: Miriam Metzinger

Recap of Jim Cramer’s comments on Wall Street Confidential, Monday November 26. Click on a stock ticker for more analysis:

Hewlett-Packard (NYSE:HPQ), Research in Motion (RIMM), Coke (NYSE:KO), Pepsi (NYSE:PEP), Procter & Gamble (NYSE:PG)

In spite of HPQ's great quarter and oil's rise to nearly $100, the market is listless and the lack of pin action is a "sign of a terrible market," Cramer said. People are quick to dismiss strong performances by companies like RIMM with bearish predictions for the holidays. When this happens, Cramer urges "safety, safety, safety" in such stocks as Coke, Pepsi and Procter & Gamble. In the current environment, "people are taking their cue more from Washington Mutual and Centex than from Hewlett Packard and Transocean," said Cramer. "This is very worrisome, because only in the worst markets do you not have stocks followed by leaders, and this is one of the worst markets."

Cramer blames the Fed for worrying about inflation and creating a scenario in which good news ends up destroying the pin action.

"I have been stuck between whether they want the recession that's about to occur because they really want prices to come down, or they're oblivious." Cramer said. "The stocks that are working are telegraphing a severe recession and I think we have to own that ... by suggesting safety,"

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