Tuesday, April 10, 2007

Cramer Flip-Flops On Merger

Cramer's audience is mostly comprised of day traders. I hardly think the institutional funds look to him for investment advice. He even admitted that when he managed a hedge fund, he needed to use manipulative tactics to generate returns. I call keeping tabs on what he says "dodging bullets", for example, both Sirius and XM were up yesterday morning, and sold off later in the afternoon. Obviously, someone on his staff is opportunitstically disseminating information before the show.

To recount a brief history of his satellite radio commentary, months ago, he could not stop trashing both Sirius and XM, mostly Sirius. Then he started pushing for a merger ("Mel, just pick up the phone!"), mentioning it several times a week on his show, indicating that the merger would get approved.

Once the merger was announced, there was a dry spell, and he went weeks without discussing either company. Now that both companies are entrenched in defending the merger, he flip-flops, saying that it won't be approved by the FCC. Go figure. I guess one really has to be a short term trader to follow his advice!

4/10/2007 05:56:00 AM

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