Cramer thinks so! And since he has made more millions than I have, his opinion carries a little more weight. I think he may be right, if the Fed and Bernanke behave themselves.
This huge oversold market may have finally hit bottom, Jim Cramer told viewers of his "Mad Money" TV show Tuesday.
"Last Tuesday's rally was not the bottom of this market," he said, "but today's rally was." Cramer cited several reasons why he now feels the markets has finally reached a sustainable bottom.
First, there was a significant change in attitude in Treasury Secretary Henry Paulson's comments Tuesday when he said his agency is prepared to do whatever it takes to turn the economy around.
Cramer: NYX Buyback Means Bottom Is Near Mortgage bonds traded higher Tuesday. "These low rates will signal re-fi madness," he said. The fabulous numbers posted by both Goldman Sachs (GS - Cramer's Take - Stockpickr), a stock which he owns for his charitable trust Action Alerts PLUS, and Lehman Brothers (LEH - Cramer's Take - Stockpickr) signal that not all financial stocks are damaged. There's now a president dealing with banks and brokerages that go under, and that people needn't be worried about losing their life savings. Stocks such as Nucor (NUE - Cramer's Take - Stockpickr) and CSX (CSX - Cramer's Take - Stockpickr), which both hit 52-week highs Tuesday, signaling the economy isn't as bad as is being reported. Momentum names like Intuitive Surgical (ISRG - Cramer's Take - Stockpickr), First Solar (FSLR - Cramer's Take - Stockpickr), Google (GOOG - Cramer's Take - Stockpickr) and Apple (AAPL - Cramer's Take - Stockpickr) are showing signs of life for the first time this year. Cramer reiterated a buy on Apple. The markets will bottom in part to the VISA IPO, which was priced at $44 a share Tuesday evening. He anticipates the IPO will prove lucrative for those able to get in and will instill some confidence back into the market. The market has bottomed because the market rallied despite Federal Reserve Chairman Ben Bernanke's disappointing rate cut.