The stock market is in 'fine shape — somewhat overheated, most definitely — but I still think it makes sense to stay the course,' Jim Cramer says.
"We've had a terrific run, so I am blessing you to do some selling tomorrow," thehost said. "But other than that, I think we're in fine shape — somewhat overheated, most definitely — but I still think it makes sense to stay the course."
"Nothing scares the daylights out of professional traders more than those two years," he said. "If you're a grizzled veteran like I am, you know those two years had a horrific pattern: They gave you rapid-fire rallies, which ultimately led to a pair of ignominious crashes." The current year doesn't quite look like '87 or '99, but discipline is key, said Cramer, who trimmed positions in hischaritable trust. Still, the Dow is up 13% this year, the S&P 500 is up 17% and the Nasdaq is up 21%, he noted.
But it's not time to sell everything like the veteran stock trader did in 1987, or to short stocks as he did in 2000. The strategy behind short selling is to borrow stocks that have potential to decline in hopes of making a profit when the share price falls.
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