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After a 305-point jump in the Dow Tuesday, even despite reasons for a contrary move, it seems investors might be too positive, Cramer said, so it’s time to start scaling out of some stocks.
Cramer’s not worried about a crash. In fact, with the market having rallied back from last month’s lows, stocks look to be overbought. Short sellers are getting squeezed, share prices are headed up, buyers are in, but there just aren’t enough sellers to meet demand. If the market opens higher Wednesday morning, and Cramer thinks it will, he suggested taking some profits.
All through this market mess, Cramer’s recommended three kinds of companies: those that are trading at or near their cash, those that have recession-resistant businesses and those whose dividend yields have ballooned because the market’s knocked down the share price. Well, the rally’s caused some of those high-yielders to give back a portion of their payouts – see: Nucor [NUE
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], which is now offering 3% compared to the 5% level the company was at just a couple of weeks ago – so it might be time to trim some of your positions, Cramer said.
He also recommended cashing in some of your oil exposure in anticipation of an Obama win. Coal, defense and deepwater drillers could fall out of favor as well, if the Democrats win the White House. A Democratic trifecta – White House, Congress and Senate – most likely means that we won’t be seeing the “rapacious capitalism,” Cramer said, that we’ve gotten used to under the Bush administration.
The bottom line here is that investors are so positive now that Cramer’s expecting some profit-taking. The market’s getting too overbought, and that elastic will snap back eventually. So he wants you to take some profits of your own before that happens.
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