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Did CNBC’s Jim Cramer call the stock market bottom -- by telling investors to get out today?
The Dow Jones industrial average was off as much as 800 points at its low just before noon PDT, then staged a powerful rally that cut the day’s loss to 369.88 points, or 3.6%, to 9,955.50. The broader market also rebounded from the worst levels of the day.
The massive sell-off for much of the session had everyone on Wall Street looking for signs of capitulation -- the moment, or moments, when the market feels utterly hopeless.
Warning that the global credit crunch could drive the market down another 20%, Cramer advised: "Whatever money you may need for the next five years, please take it out of the stock market. Right now. This week. I do not believe that you should risk those assets in the stock market."
"I thought about this all weekend," he said. "I do not want to say these things on TV."
Originally posted by yellowcard
He didn't say "get out" he said raise some cash if you need it in the near term.
Originally posted by dgtempe
It would be tough having lots of money and not being able to spend it on anything because there was nothing.
*that wasnt me talking that was my twin Actually, she may have something there.....