Cramer Calls a Bottom?

I don't know how many people caught this, but I read the same article on TheStreet.com last week. In short, Jim Cramer got ultra bearish last Tuesday saying that there was little hope on the horizon and that there won't be a turn until we see a number of additional, high profile, bankruptcies. From the article:

The bottom line here -- there is too much going wrong right now, too much to put us anywhere near sound footing. I suspect that every rally will be met with selling until we see a multitude of collapses like IndyMac. ... Someone asked me yesterday, "When do we bottom?" I said it wouldn't be until all the banks that have to fail do so and GM files bankruptcy along with Ford. I said it matter-of-factly, because I meant it and because it is obvious.

As we know now, that article perfectly preceded the big rally in financials last week on the back of stronger than expected earnings from bank majors, including Wells Fargo (NYSE: WFC).
This week started off on a good note for the financials as well, with Bank of America (NYSE: BAC) also surprising to the upside.

If you've read much of this blog, then you know I don't do market timing and I won't be the one calling tops or bottoms. But if the market does recover from here, that will have been pretty bad timing for Cramer to have unleashed his inner polar bear.

-AvgJoe

Disclosure: I own shares of Bank of America.