Jim Cramer says this market deserves to be hated. Get used to the pain.
This market deserves to be hated, Jim Cramer admitted his Mad Money viewers Monday. It seems like every day we’re given a new reason why stocks shouldn’t go higher and you can’t build a sustainable rally on top of quicksand.
Why can’t Wall Street escape the jaws of the bear? There are plenty of reasons. China remains in Covid lockdown with no end in sight. There doesn’t seem to be a short-term solution to the war in Ukraine. And here at home, there is a litany of things not to like.
Just today we learned that McDonald’s (MCD) – Get McDonald’s Corporation Report will exit Russia for good. We also learned that Jet Blue (JBLU) – Get JetBlue Airways Corporation Report is making another attempt at acquiring Spirit Airlines (SAVE) – Get Spirit Airlines, Inc. Report, despite there being no way the deal would ever pass antitrust muster. Shares of Twitter (TWTR) – Get Twitter, Inc. Report remain in chaos, and bitcoin continues its decline.
Cramer said the only things that are going right for stocks is the fact that everyone knows things are horrible and eventually, bargains are created amidst the weakness.
For now though, all we can do is get used to the pain, at least until something actually goes right.
