Cramer: ‘I have tremendous contempt for this market’ — it’s a bear market not a correction

via CNBC:

  • People don’t want to call it a bear market. But what do they need?” CNBC’s Jim Cramer asks, rhetorically.
  • “I have tremendous contempt for this market, because every time you try to make money with it, it cuts your heart out. That’s a bear market,” he argues.
  • After tanking nearly 3.8 percent last week, the S&P 500 recovered nearly a third of that decline shortly after Monday’s open on Wall Street.

 

Bear market is mauling stocks, says Jim Cramer from CNBC.

 

U.S. stocks are in a “bear market” not a correction, CNBC’s Jim Cramer argued on Monday.

Cramer said on “Squawk Box” he’s not using the traditional measures of a bear market and a correction to make his case. “Who cares about the S&P? It’s individual stocks that are down 40 or 50 percent.”

A bear market is generally defined as an asset or index decline of 20 percent or more from recent highs. The threshold for a correction is measured as a drop of 10 percent or more from recent highs.

“I have tremendous contempt for this market, because every time you try to make money with it, it cuts your heart out. That’s a bear market. People don’t want to call it a bear market. But what do they need?” Cramer asked, rhetorically.

“It’s a bear market rally,” he said. “You go down really hard last week. And then you come in on Monday and it’s up a lot. People come in. They buy it and lose money.”