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U.S. stocks recovered more than half their losses, but still closed in negative territory Tuesday as political uncertainty in Greece worried investors. What upset “Mad Money” host Jim Cramer, though, was how investors ran to the exits.
To Cramer, the widespread selling suggests “that people either simply don't know what they own, don't like what they own, or live in total fear of what they own.”
Some of the selling could be justified, Cramer said. Many companies have too much European exposure, for example. Companies that thrive on high commodity prices are struggling right now. Other companies have failed to find ways to grow amid a global economic slowdown. Not every company or even a majority of companies face these challenges, though, but Cramer said it didn’t seem to matter Tuesday.
“At one point the selling was indiscriminate with everything getting sent down at once,” Cramer complained. “People panicked everywhere. Everywhere. Think about the absurdity of that for a moment.”
As investors worried about Europe’s debt crisis, the market turned on oil. Crude has been in glut, so the price of oil fell for a fifth straight day. Many pundits said the plummeting in oil shows that things are terribly weak and frankly much worse than previously thought, but Cramer said that’s argument is so nuts he can hardly believe it.
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