With Apple’s share price in a post-event slide, Mad Money’s Jim Cramer adds insult to injury.
From CNBC‘s write up:
Cramer called the traders who bought Apple in the days leading up to the launch “clowns” because they wrongly assumed one of three things would happen.
First, they assumed that the iPhone X would be so great that it would shock people into buying the stock. Second, they assumed those people would buy them out of their positions. Third, they may have had no idea what they were doing.
“Any of those buyers are almost certain to be shaken out now, and that’s the worst thing you can do as a trader,” Cramer said. “You’re at the mercy of everyone else in the market. Many of these people are now thinking, ‘I’m an idiot, but you know what, I’ll just own Apple for the long haul.'”
Cue the video:
My take: Takes a clown to know one.