Unreal Mad Money Trading After Hours!

Jim Cramer usually says the purpose of his Mad Money show is not only to make his viewers money, but also to educate them.  Apparently some of the viewers though, have no interest in learning.  At the start of Mad Money tonight, Jim Cramer came on and enthusiastically said NMT Medical could go from its current price of $17.26 to $100 in a short period of time.  We quickly went over to our Bloomberg and pulled up a quote for NMTI, and the stock was already trading up to $22 a share for a gain of 34%. 

But Cramer's recommendation of NMT Medical moved another stock even more.  At the same time, we pulled up a quote of NMT (Nuveen Massachusetts Premium Income Municipal Fund), a closed-end fund that trades an average of 3,500 shares a day.  We watched in astonishment as traders mistakenly began bidding NMT up in response to Cramer's $100 recommendation of NMT Medical.  Within 30 seconds, the closed-end municipal income fund ran from $15.50 to $22 on tens of thousands of shares for a gain of 46%!  A Closed End Muni Bond Fund! It stayed up for at least 3 or 4 minutes until everyone became aware that NMT was not the stock Cramer was talking about.  Talk about doing your homework before buying a stock.

Due to the late hour, we were unable to obtain a locate to short the stock, but others were able to, and they sent the stock back down quickly.  Currently, NMTI is trading around $23 and NMT is all the way back down to $15.50 on over 100,000 shares of volume.  Unbelievable!

Comments

[muckdog]

Hah, that is incredible. Greed and speculation is beginning to get a bit frothy in this bull market. We're around 3 years in, and suddenly people are interested in getting back in the market and chasing whatever stock is mentioned on TV. It never ends well...

[Mark]

Such stupidity! Cramers recommendations and show seem incredibly reckless. Even worse is the fact that the only people who seem to make money on his stock calls are short sellers, market makers and rare lucky longs....I am surprised the SEC has not come knocking yet....

[Barry Ritholtz]

Its not the recomendations that matter to me -- rather, it is the reactions to them that are so telling.

This is revealing of speculative excesses in the investing public.

BOO-Yah!

whats amazing to me is that kramer has everyone he knows load up their portfolios before he raves about his picks on tv, they're the only ones making "mad money" classic pump and dump.

[Terp]

Are there websites posting his first two picks pre show. They always cross the ticker 30 seconds before he mentions them.

This Guy Barry Ritholtz is a "UNREAL MAD MONEY MORON."
Let's compare his trading success with Cramers. What a buttcaddy that creep is. Shut up and go check your mutual funds you idiot.

stop watching mad money, and dont listen to cramer's pick. He is so wrong

[stocktagger]

Some people are definitely making money from Jim Cramer. Check out the chart of TSCM starting from when the show started.

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Seems you can make a small fortune shorting Cramer picks for a few days.