Cramer Quick Take: Buy The Banks? Not So Fast
NEW YORK (TheStreet) -- Should investors be piling into the bank stocks now that shares are off to the races and the analysts are finally upgrading some names?Jim Cramer told Debra Borchardt at TheStreet.com that investors need to take a pause first and think before they pull the trigger.
Cramer said he's definitely a big fan of the banks, and even owns Wells Fargo (WFC) for his charitable trust, Action Alerts PLUS, but that doesn't mean he's willing to jump in and buy at the end of a big two-day rally.
Cramer said his trading discipline over his many years has shown him the tail end of a big rally is the time to trim positions, not add to them. He said he likes Bank of America (BAC) , but that doesn't mean the stock can't drop a quick $1 over the next day or two as at least some investors lock in their big gains.
Cramer's advice: Look for value and wait for a better entry point. This may sometimes cost you, he noted, but sometimes it's better to say "I missed it" than to pay too much buying into a rally that's already happened.
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-- Written by Scott Rutt in Washington.
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