Cramer's MAD MONEY Recap (Sept. 27, 2006)
On Cramer's MAD MONEY tonight, Cramer said we are going to all-time highs in the market. Cramer actually hosted NY Giants Kicker Jay Feely to discuss the market and opportunities. He is actually a series 7 licensed person and Cramer said he is financially savvy as he didn't go into the NFL right out of school.
He has mutual funds in there and he also has some speculation so you stay interested. He keeps 10% or so in under $20.00 stocks, but he likes to take his cost basis out when it runs too much. He even discussed that the NFL is going into Medical Savings Accounts (HSA's).
Cramer was looking at exchange raising to see which markets put you in the black. Cramer said he did a mistake by saying Sell on NYSE (NYX). He said even after today's pullback after it has run up he thinks it is actually going higher. Cramer said he was thinking backwards instead of forwards on the exchanges. Cramer said a viewer convinced him he was wrong. Of the 14 analysts that cover the NYSE, 12 are neutral because of the specialist system and because of dependence on people. He says he is going positive and against them even though it currently has low profit margins. Cramer said NYSE can cut costs by firing the specialists. He thinks they could trim off $600 million in costs if they get tough. Cramer says some good news is not yet inn the expected numbers.
If you want to see what I said about Specialists before on some recent concerns, here it is.
Cramer said NYX could be a $100.00 stock. He says it has to close Euronext exchange, so buy some now and then buy some NYX after the terms of the deal are announced. NYX traded up 2.3% to $72.90, although the stock closed down 2.8% or $2.05) in regular trading at $71.25.