to my world. you need to get in the game. firms are going to go out of business and he's nuts. they're nuts. they know nothing. i always like to say there's a bull market somewhere. "mad money." you can't afford to miss it. hey, i'm cramer. welcome to "mad money." welcome to cramerica. other people want to make friends. just trying to save you money. my job is not just to entertain you. i'm trying to educate and teach. call me at 1-800-743-cnbc. rumors, just rumors. rumors of bank deposit insurance coming for all european banks. rumors of a new federal reserve stimulus plan.

rumors of anti-austerity, anti-euro leaders being elected in greece this weekend. rumors of an imminent invasion of syria, an air strike against iran. that's what this market has become. a gigantic rumor mill. it's driving stock prices. today was no different. dow rallying, nasdaq vaulting 1.19%. rumor has it. why the rally. because the most cogent rumor, the loudest rumor, the last rumor we heard was that the european central bank was going to guarantee all deposits in euros. the significance you ask? if a country decides to go its own way and issue its own currency, whether it be greek drachmas or spanish pesetas, their bank deposits are still in

euros. savers would still have their money in very solvent euros. that means people wouldn't need to worry about losing their savings overnight. perhaps the runs on these banks or the expected runs wouldn't occur. i mean think about it. what's the difference between keeping your money in a spanish bank or an italian bank rather than putting it into a more sound german bank if it's insured in euros either way. here in the united states, we don't worry about our banks' abilities to pay your deposits back, regardless of how hard they are, because if the banks go under, the fdic protects you. otherwise you would pull your money in a heartbeat. guaranteeing all deposits in euros would make it the same way in europe. it would be unmitigated good rumor, but here's the bad news. literally the hour, if this rumor comes true, if it comes true, you and i both know what will happen. it will be painful. i could just -- i know the whole news cycle by heart. we will immediately hear that

the italians can't pay their debt. because the budget deficit is too big and that euro deposit story, wrap fish in it, will you? greece is going to be leaving the euro. we're going to hear that rumor. there's no contingency plan. or our stimulus plan that's supposed to back us up doesn't exist. and we're stuck with no game plan to revive our own economy. we know these stories will appear. we know the rumors will be rife. it's like a gosh darn continual relentless running of "rumours" by fleetwood mac. instead of don't stop thinking about tomorrow we play don't stop rumoring about tomorrow and we then rumor that greece is going to go its own way. go its own way. you can call it another losing day. this kind of divining and following of rumors is no way to invest. it doesn't work. it's useless. it's like hedge fund drizzle. the truth is, no one really seems to know anything. the market seems to trade on any story.

on sunday night, the s&p futures roared higher. why? you heard about a $125 billion bailout of spanish banks. way more money than we thought. maybe more than we need. on monday, we were crushed. why? because of a paltry $125 billion spanish bank bailout. nowhere big enough to stop things. and let me tell you something else. all these rumors about bailouts and bank loans never provide any real solace anyway. they provide nothing that will allow the european economy to grow. just ideas that would shrink them. the ne'er-do-well countries won't be able to pay their sovereign debt. it's that simple. they need higher tax receipts. not just job cuts and pension cuts because they will never, ever be able to make up the lost revenue just by cutting their government programs. even if they cut to the bone, you're not going to cut to prosperity. so what should we do? first, do you mind if we stop listening to the rumors?

they're not investable. second, we need to stop thinking about how if european companies go down it's the end of the world for our companies. i keep hearing how the collapse we made was lehman, the dow having a lehman times ten. meaning the banks in the countries that fail will dwarf what happened with lehman brothers and send us well through dow 6,500. i defend myself on this. i defend myself. it's like the whole world is one big stock with a bad balance sheet that trades with its headquarters in madrid or rome. that's what we've been reduced to. now, it is true that some of the banks may be more connected than they appear. they may spend the next 20 years bragging to you and me how they're getting bigger in

europe, trying to have a huge presence, trying to challenge their entrenched institutions so we know there's no way our banks can be trusted. we know that technology companies have tried so hard to penetrate that european market and now we're going to have to pay dearly for that exposure. let me offer you something that's not sensitive to these rumors. it's this list. it's not hard to find. you know what they call it? the 52-week high list. and it's a testament to what's been going up right through this miserable rumor-filled period. it's a sign of what can go higher while the rumors keep flying. first, what's on the new high list? american food stories. b&g foods, bgs, terrific yield, fabulous balance sheet. you think the collapse in italy is going to lead to the collapse of cream of wheat? are we going to cut back on our use of mrs. dash? will that be it for the b and g gherkins?

i'm still using regina vinegar and oil instead of italian dressing. i'll show those italians who's boss. there's regina gilgan, our executive producer. how could i miss talking about our executive producer if i bring up regina salad dressing. that's a little off topic. next is altria. i hate tobacco but a few years back, the people who run altria said they want to offer a pure domestic play on cigarette smoking without a yield. how about this one? the doctor? really hard to find. see it in every single convenience store case. i'm talking about dr pepper, snapple. last night i told you the carbonated drinks are doing very well in the country. they're doing the dew. how about a domestic drink company? the doctor will be there for the run on the peseta. he'll be in the house. american house.

how about retailers? why not remodel? why not lumber liquidators? why not sherwin williams paints? will you stop painting your living room when italian bonds are 7%? maybe you'll stop painting when dexia loses deposits. is that the point to say forget the spray paint. i'm not going there. we don't joke about cancer on the show. last week we had seattle genetics on. they're beginning to have terrific success. tell me if doctors are going to stop using revolutionary anti-cancer drugs because the imf won't back the ecb to save the eu. another we've liked, arena pharma. 52-week high today. anti-obesity drug on the verge of approval. don't you wish italy or spain could cause people to lose weight and not just money so the drug won't be a success? sorry. not likely. every day there are stocks like this that appear on the list. they're rumor proof. they're top of mind, though. their quiet success can drown

out the din of rumors only on this show. but the bottom line -- not everything is part of this huge ugly spanish italian stock with headquarters in madrid and rome. the sooner you realize that, the more, not less, money you can make. derek in new york. >> caller: hey, boo-boo-boo-yah, jimbo. >> these days have gotten tough. what's up? >> i'm calling from down here in orlando, florida, but i'm from nutley, new jersey. yesterday i heard in the morning that in "the wall street journal" that carl icahn just upped his stake in navistar. i started following the stock around $40 when you had the ceo on a few months ago. today it fell to $25. i took a little nibble at $29. i'm trying to decide if i should go with west port or navistar. >> if you do navistar, i want you to do it in calls.

why calls? because they do not have the technology specs that cummins has. they're going to get hurt technologically wise. deep in the money calls. try getting back to even. i've got the recipe. it's more conservative than owning the common stock. sick of rumors? i say let them go their own way. they aren't investable. check out the 52-week high list for a hot list of nonrumor, rumor resistant names. not everything is vulnerable to the mess in europe. you've got to believe me about this. "mad money" will be right back. coming up, bottoms up? after falling nearly 10% from its highs this year, the s&p has been treading water. but is it all about to change? tonight, cramer ticks through the technicals to see if we could be headed higher from here in a critical edition of "off the charts." and later, luck of the irish?

providence resources needed more than four leaf clovers to strike oil off the coast of ireland. and now it's undertaking the largest drilling program ever in the country's history. tonight, cramer sits down with the ceo to talk energy, investment and the health of the european economy. all coming up on "mad money." >> miss out on some "mad money?" get your text alert today. text mm to 26221 to get cramer right on your phone. for more info, visit madmoney.cnbc.com, or give us a call at 1-800-743-cnbc. did i ever think i would have heart disease. she just didn't fit the profile of a heart event victim. she's healthy, she eats properly. i was pushing my two kids in a stroller

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do we really need to find more stocks to buy than the foods, the restaurants, the retailers, the drugs companies? isn't that enough? i know some are deriding it as a cramer needle in a haystack style investing. i think people forget there are whole stretches of time where only a couple of groups made you

money in the market. we've had moments where only the oils worked. we've had periods where the only real gains were in technology firms. so why should it bother us so much if the stocks that going up right now aren't in big groups like the financials, the techs, the energies and the industrials? isn't it enough that we can isolate companies with little international exposure and big dividends? or retailers that can grow because they cater to people who aren't that rich? where does it say that we have to be in more than those stocks while we wait for events to unfold in europe? okay, i know what the smartest people in the room are thinking. you can't own anything. when the big bang occurs in europe, everything you own will be crushed. here's my riposte to that. perhaps a big bang doesn't happen. maybe they just get mired in a terrible recession that brings down more tech stocks and more industrials and more oils, but leaves the domestic security plays intact to climb higher.

it hurts the financials but not the domestics. let's consider the cases of two domestically oriented stocks, dunkin brands and dollar general. odds are, if you look around your town, you'll likely see these stores. they're like edgar allen poe's purloined letter, they're hiding in plain sight. let's go over to what happened to these two chains in the time we've been waiting for europe to implode. let's figure out how they've done well. the spanish and italian ten-year bond. first, dollar general is up 22% year to date. dunkin' brands has gained 35%. those rallies have happened despite central bank dithering and european collapses. these have been incredible moves. not only do they not have any real european exposure, they also have something more important.

they have very little california exposure. dollar general with 10,000 stores is just now opening 50 locations in a state that, are you ready, represents one-fifth of this country hasn't even been penetrated. dunkin' donuts just opened its first california store. we know that domestic retailers put up their best numbers during a regional to national expansion. and both these companies still have growth runways ahead of them, meaning you haven't missed it yet. now ask yourself, could you have gotten in at a discount at any given time? or are these those proverbial needles in a haystack that cramer is always talking about? the answer is i think you could and pretty easily. dollar general has done four successful secondary offerings. a lot of brokers call and suggest you do it. a lot of stories.

dunkin brands has done two secondaries in the last year. these were highly visible and talked about sales i mentioned every one repeatedly on this show and squawk on the street as attractive opportunities. i simply don't understand why you had to be on the sidelines away from these two stocks just because of europe. they are there for the taking. they don't do business in italy or spain. and these are just two among hundreds of stocks i could name that are in this haystack that everyone is so worried about. i say spain, italy and europe in general make you work harder to find the bull markets, but there are bull markets none the same. and europe is no excuse for missing them. lazy intellectual thinking. rock in florida, please rock. >> caller: big fan. >> thank you. >> caller: with the warm weather in the north and semicalm weather in the south, restaurants are doing well. i know northwest florida is booming. do you think darden will be the

beneficiary of this upward trend? >> recycle animal processing. i think it's too attenuated, sir. if you want to play restaurants and restaurant strength, you can go for growth with chipotle or panera. you can go for valuation and take a hard look at buying something like a brinker, which is doing quite well. but to go down the food chain and do a darden, that's too hard for this guy. europe might be making it harder to find a bull market. i'm telling you the truth about that. but then again, i think they're right in front of you. like dollar general and dunkin' brands. after the break, i'll try to make you even more money. coming up, bottoms up? after falling nearly 10% from its highs this year, the s&p has been treading water. but is it all about to change? tonight, cramer ticks through the technicals to see if we could be headed higher from here in a critical edition of "off the charts." and later, luck of the irish? providence resources needed more

than four leaf clovers to strike oil off the coast of ireland. and now it's undertaking the largest drilling program ever in the country's history. tonight, cramer sits down with the ceo to talk energy, investment and the health of the european economy. all coming up on "mad money." good morning! wow.

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have we finally bottomed? has the gut wrenching europe-induced selloff at long last come to an end? look, i know it sounds crazy, but it is a perfectly valid question in wake of last week's terrific action, best week of the year, and today's rebound after the horrific pounding that was yesterday. now, getting your hopes up, i know that's a mistake. if the europeans fail to come up with a more permanent solution than what we got this weekend, we will definitely go lower. as a market, maybe. maybe not individual stocks. but today sure felt different. we need to know if something bigger and better is at last at work. especially because you could cut the negativity with even the most plastic and flimsy of knives. now, even after last week, there's no denying this market has already taken a real pounding. so perhaps we don't have much further to fall. maybe we've even seen the lows for the year or nearly the lows. could it be?

that's the question we're going off the charts to answer. i don't have the answer, but i'm looking to a chartist. i'm going with the help of carolyn boroden, a brilliant technician who runs the website fibonacciqueen.com, my colleague and has been one of the best of the technicians we've had on of late. some others are good, too. this is one of those moment where she thinks it pays to take a step back and look at the big picture, to consider the forest instead of the individual trees, especially since we have a bunch of arborists and individual tree doctors roaming around. what's the forest look like? let's check out this weekly chart of the s&p 500, based on this chart, she has decided to really stick her neck out. the most of any technician we've had since we started this segment. she's drawing a line in the stand at 1259, 1269.

this is her line in the sand man, this is a gutty call. that's the level where the s&p bottomed last monday, june 4. about 4% below where we are right now. and boroden believes it could represent a powerful floor of support underneath the market. yes, this line she's saying is incredibly significant. she's not the only technician. tim collins thinks it's significant. what makes the s&p's 1260 area so important? there are a bunch of reasons. first off, there's what boroden calls symmetry. other technicians call this a measured move. that's where you measure the absolute size of a previous decline or rally and then predict if the next one will be roughly the same size. absolute, not relative. you would be amazed how often it accurately predicts when a move is about to become played out. now, going to the june 4th low, the s&p declined by $155.64. now here's something pretty

incredible. that's almost totally symmetrical with the previous decline of $155.94. isn't that incredible? that's the decline in the october lows. according to boroden's way of thinking, once we replay the last decline, which the s&p did on june 4th, then there's a strong chance we can turn around and rally, which is exactly what happened. but there's more to this key level than the symmetry phenomenon. when boroden looks at a chart, she doesn't just analyze the y axis. she also considers the x axis. and what is that? that's time. yes, the time axis. don't worry, there's nothing in here you didn't cover in middle school algebra. but i've got to go over it. >> i'm trying to teach you how these charts work. boroden will measure the number of days between key highs and lows.

if it took 100 days between peak to trough, then it's an important period of time. leonardo fibonacci discovered a crucial series of ratios that repeat over and over in the natural world. 23.6%, 38.2%, 50% and 61.8%. i remember this in elementary math textbooks. always found it to be amusing, but it works in this. we've talked about using these ratios to find key price levels off the charts before levels of a trend will reverse itself. however, you can do the same thing to find critical periods of time or time cycles as boroden calls it. that's what she's doing here, looking for actual moments where a decline will have likely run its course. now, you can see, let's switch charts for a second to the s&p daily chart going into the june 4th low.

she had a grouping of fibonacci time cycles coming due between june 5th and june 8th. she had four different fibonacci relationships suggesting the s&p would change course sometime last week. this is called a cluster. and she looks for clusters of these relationships. now, of course, if it was just two of them, that might be a coincidence, maybe mean nothing. but four? that can't be coincidence. four suggested she's found a window of time where we might see a change in trend. and lo and behold, that's exactly what happened. last but not least, it also coin coincided with a cluster of fibonacci price relationships. there are four of them right here on the daily chart. although they're so close together they almost seem to form a single line. that's how we set it up so you understand it. based on retracements of projections of prior swings, using those ratios, boroden

found a powerful floor of support between 1259 to 1269. sure enough, the june 4th low is made directly at this key zone, 1266. there we are, same level, same floor these technicians keep talking to me about. we have the symmetry factor, the decline going into last monday was the exact same size of the decline going to the s&p october bottom. there's the cluster of fibonacci time cycles which suggested the s&p would change source time last week and then there's the fibonacci price relationships which nailed where the s&p stopped going down last monday. that's why she's confident enough to draw this line in the sand at 1259 to 1269. if the low we made last week is any good, she thinks the s&p will hold at this number in any area. as long as it holds, boroden thinks we should see a stronger move to the upside than we've

had. how strong? using the same fibonacci ratios, she thinks it's possible the s&p could rally as high as 1464. that's 11% higher than where we are right now. so based on her reading of the charts -- wow, look at this ratio. four down, 11 up. that's a pretty darned good risk/reward. i'll always take four down and 11 up and give it a shot. all right, we know technicians, they also have a little flip side that i'm not comfortable with. if the s&p falls through the floor of the support of 1260, then she says it might not stop until it hits the next floor, 1207 to 1213. but as long as the s&p stays above that level, then the charts are in your favor. here's the bottom line. i know at the end of the day, the broader averages like the s&p are completely hostage to

europe and the rumor mongering about it. and we're individual stock pickers that deal with the hard realities of great american companies that pay dividends with little european exposure. but while we wait for the europeans to get their act together, it helps to have a sense of what the charts are saying. and those charts indicate the s&p 500 has broken out of a vicious down trend and the potential upside now outweighs the potential downside. on days when all we think about is lehman times 10, that's the current scare tactic out of europe right now, boroden's work is music to my years and perhaps it's a melody with staying power. if it is, boroden could be not just the fibonacci queen, but the heroine of the whole drama. scott in texas. scott? >> caller: i'm interested in united states steel. i notice that it's down about

its 52-week low. i was wondering what you thought. >> i am not a steel fan. let me tell you why. okay? i am a shrewd reader of dan d'amico's commentary. nucor has a 4% yield and the dumping of chinese steel is out of control. it doesn't get the significance in the papers it should, but that's depressing letter "x" and it's making me not want to touch it. yeah, long term it may be okay, but steel, china, terrible. has the s&p bottomed? that's what the charts are saying to carolyn boroden. this is the most gutsy call we've had. she's saying this holds and maybe this era is over. let's do something really scientific. let's cross our fingers. stay with cramer. >> coming up, can you handle the heat? cramer gets you fired up for a searing hot lightning round. and later, luck of the irish? providence resources needed more

than four leaf clovers to strike oil off the coast of ireland. and now it's undertaking the largest drilling program ever in the country's history. tonight, cramer sits down with the ceo to talk energy, investment and the health of the european economy. all coming up on "mad money." ♪

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it is time for "the lightning round." rapid fire calls. we'll play this sound and the lightning round is over. are you ready skee-daddy? we'll start with bill in alaska. bill? >> caller: hey, jim. boo-yah. my stock is std, the highly diversified spanish bank. >> it ain't worth it for me. i'm not going to recommend the stock. how about anthony in michigan? >> caller: how you doing? boo-yah. >> what's happening? >> nothing.

i was calling about td, toronto dominion. >> i am telling you to buy it. they've got a great yield, a great management. just terrific. let's go to riaz in new york. >> i'm calling you about insight, a biotech stock. >> i like it. it's a good speculative situation. let's go to tim in illinois. tim. >> i've got a company called ellie may, ticker elli. do i kick my profit or is there more run-up? >> i don't know elie may. i have to come back. let go to stanley in california. stanley? go ahead. >> caller: aflac, afl. >> not that interested. why don't you try travelers? jeff in florida. jeff? >> caller: hey, jim, how are you? a big white hot miami heat boo-yah.

>> coming in underdog miami heat. what's up? >> caller: quick question. i started a position on bank of america at $7.40. sitting on its 200-day moving average. >> that's a decent spec. they're cleaning up their balance sheet. if you have to buy one, i don't think it's all that bad. and that, ladies and gentlemen, is the conclusion of "the lightning round."

there's drilling in ireland, and no, i'm not talking about how the irish soccer team got drilled by croatia sunday in the euro 2012 tournament. i mean, offshore oil drilling, which thanks to the long-term rise in oil prices has become economical off the coast of ireland, something still true after the decline in crude. yet it turns out there could be barrels of oil off the coast of ireland. that means we need to talk to providence resources, the longest established irish independent oil and gas producer, and the country's

leading offshore acreage holder. last week we learned that providence's barry road discovery in the celtic sea could have much more oil and gas than experts initially believed. the company announced initial flow rates of 3,500 barrels per day. this is high quality light, sweet waxy oil, the one that gets the highest price. plus they also found a gas bearing zone. this field which providence owns 80% of could have anywhere from 59 million to 144 million barrels of recoverable oil. how much of a game changer is this news? in the past 40 years, only 150 wells have been drilled off the coast of ireland, compared to the thousands of wells that have been drilled in the north sea. we want to talk with tony o'reilly jr., the ceo of providence resources to find out more about his company and the future of offshore drilling in ireland. welcome to "mad money."

have a seat, tony. thanks for come on the show. i'm old enough, fortunately or unfortunately, to remember when north sea turned out to be gigantic. a lot of people were skeptical. >> i think it took 27 attempts before they finally cracked the code. so it's not a quick and easy game. >> now, is in the equivalent? north sea was an amazing place. although it was very deep and very choppy, or is it somewhat better that you may have as much oil as the north sea? but i understand the conditions may be easier to bring it up. >> being irish, we think it's a lot better but it's an area that's massively underexplored from a drilling perspective. it's not challenging, not very deep. there are places off the west that are a little bit deeper. the fundamental issue today is that technology has moved leaps and bounds. so even if it was considered tough in days gone by, today it's pretty easy to access the oil. >> now, one thing you hear over and over again is all the easy

oil has been found. why is it we're just hearing about this? >> well in ireland's case, because we didn't have a lot of success in years gone by. we use a line to say markets move to us. the things that worked against the successful exploitation of oil are now working in our favor. in the the would days we didn't have the infrastructure, we didn't have the technology. we didn't have a fiscal regime that was positive and would encourage investment. and most importantly, we didn't have a price deck that allowed you to make long-term investment decisions. we have all that today. so as we said all along, we don't nosily have to be geniuses. we've got the acreage and these fundamentals have worked in our favor. now it's time to harvest the crop, if you will. >> the wealth your countries in europe benefited tremendously from the sovereign fund. we hear this term pigs. it must drive you crazy. we know that ireland is one of the "i"'s. is this type of thing could actually be big enough that it

could impact the irish treasury? >> it could over time. we need more wells drilled offshore ireland. our focus as a company has been about encouraging investment. we can't do it alone. we brought in partners to co-venture with us. we need foreign capital in ireland. but i think ultimately, with success, success begets more success. and hopefully this will be the beginning of a really large oil and gas industry offshore ireland. >> i want to tell people, this is a stock that doesn't trade here. so we're really just talking about the resource side of ireland. you've raised a lot of capital, though. but i also know that to drill, these kinds of drill, even the best companies are constantly in a mode of financing. is that what you have to do until you get this oil really pumping? >> no, the difference for us is we're more of a front end explorer.

we capture opportunies, work them up for drilling, bring in these partners and they're great partners we have alongside us. and then we'll drill. as we move to the development phase, we then look to trade down our equity and bring in industry partners who can take the project to first production. we don't want to get on the cap ex treadmill. we think that destroys equity value for shareholders. >> i think a lot of people are unsure about how oil works. they say wait a second, out of 40 years, how have things changed? what would i see different on a rig that works now as opposed to 40 years ago? >> from a technology point of view, being able to lift the crude with different extraction technologies. everything is a lot easier. i use the analogy, it's like when people have a blackboard, the way technology has moved in

the oil industry it's like they have an ipad 3. there's such big changes. technology has impacted every aspect of our life and it's no different in the oil and gas industry. >> now, the discovery of this size, billions of barrels, an extraordinary find. >> certainly the irish government have put out figures to say they have yet to find resources of many billions of barrels of oil equivalent to offshore ireland. you need to drill all these bases. the good thing we have, we have major acreage positions all around ireland. so what we've talked about in the rediscovery of this field off cork is only one of six basins we're drilling in. it's just a question of turning the drill bit. that's what we're about as as come back, turning the drill bit. >> some companies are worrying about west text intermediate.

that their drilling budgets were eyes too big. they thought oil was going to be $80 to $110. if brent went to $85, $90, from $97, does that change the process for you guys? >> no, not at all. we've always said, anything above $40 we're in the money. >> really? >> the bigger the prize, obviously even the lower the price deck you need. we don't need today's prevailing price to justify the investment. but it certainly gives you the confidence to plan longer term. we know we just had barry as or april. what do you need to know to follow your company? >> well, berry road is the sixth well in this field. so they've all logged hydrocarbons. we'll update what the reserves are, what the oil in place is in reserves.

that will say how big is the tank of oil. then we figure out how do we best get that oil out of the ground and that will be working over the next six months. so in late july, we'll come up with the updated oil in place. and most analysts are saying there's going to be a drilling increase in the volume. which is obviously good for our shareholders. we're drilling six basins offshore ireland. so this is the first of many. >> i tell you, tony, we'll all beleaguered by europe. can i just tell you that you're the first story to come along and say there might be growth in europe. maybe this can make a difference. i want to thank you tony o'reilly, not just for what you guys are doing but for giving us a little hope, mind if i just say it point blank like that? stay with cramer. diarrhea, gas or bloating? occasional constipation,

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the we have reached some new level of post facebook indifference where stocks frankly have become a laughing stock for most americans. i believe the stocks are terrific wealth creators or we wouldn't do the show otherwise. you can find quality stocks defined by consistency, growth and good management. you reinvest the dividends, stay

in touch to make sure you don't have a kodak or washington mutual on your hands. and i do believe that the money practically makes itself. you throw in a growth stock or a junior growth stock, add some gold, stay diversified, and i think you will be able to ride out pretty much anything, including the 2008-2009 crash, which will remain the benchmark of bad time for years to come. but days like yesterday remind you that just owning stocks can be a sordid and at times a ridiculous affair if you bother to look at them. the stocks of great american companies can just roll over in a couple of minutes time with no bids underneath. makes bonds seem more palatable than stocks. but at least bonds can't be worth much less the moment you drive them off the lot. i'm not talking about bristol-myers or att. what i'm saying goes for almost all of the industrials. as if they're suddenly worth

much less than they were hours ago. same with the oils which seem to trade wildly as if they're small cap stocks. the whole darn place trades like small caps. we need the individual investor more than ever. long-term individuals actually bidding for stocks would dramatically improve this market, yet fewer and fewer individuals are involved. which brings me to the facebook ipo. i think when we look back at this deal, we will realize it was 2012's version of the flash crash. something exciting, real growth that attracted so many people who have been staying away from the markets. the venture capitalists who got in early, the funds that were able to get around the law. it could have been a once in a decade chance to get people off the sidelines and back into the stocks if it had been priced right and they totally blew it in the worst possible way. the tale of mispricing by morgan

stanley, they deny it and horrible execution by the nasdaq -- they don't admit it, has come and gone. they took an asset class with an already tarnished reputation and they dragged it through the mud. not only are stocks viewed as assets that can drop 10, 15, 25% in the flash crash, they won't even tell you what you own. notice that it was the botched retail orders that fared the worst in the facebook deal. sometimes i wish there were two markets, a virtual market in the hedge funds, knocking virtual securities up and down with impunity, using etfs, derivatives, and then the actual stocks of companies themselves in a real exchange for the individuals. that would clear so much of what's gone wrong with this market. you want to own the individual stocks, you go to the real exchange where you can buy pieces of actual companies.

want to play with the the polo players who want to trade risk as they're calling it, then you trade on the virtual exchange. i know i'm right empirically about the stocks i'm telling you to buy. they're the most individualized. but i also know there's going to be occasions like the facebook deal which was supposed to give people the new concept of buying and selling equities. what i didn't count on was that with facebook, we were simply leading people to a slaughterhouse, a slaughterhouse where the executioners don't think they even executed anyone. and yes, they think they actually executed very well. wall street's attitude? it was the cow's fault. they went into the slaughterhouse. what the heck did they expect? stick with cramer.

let's hope our chartist carolyn boroden is right. wouldn't it be nice to see the bottom for the year? her neck is out. let's hope it stays intact. i'm disappointed in scott's miracle gro and mr. hagadore who came on this set and pretty much assured us that things were going to get better. he didn't. blamed the weather.