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Traders pass in front of an American flag displayed outside of the New York Stock Exchange in New York.
It became quite clear to Cramer on Monday that the stock market was trading on, well, nothing.
“I’ve thought a lot about these periods and I’ve learned that there is such a thing as random movement periodically, and it always gets ascribed to something. The market’s not always logical and the action doesn’t always have to have a concrete cause,” Cramer said. “It might as well be ascribed … to the eclipse.”
For example, the Nasdaq extended its losing streak, led by technology stocks. FAANG, Cramer’s acronym for the stocks of Facebook, Apple, Amazon, Netflix and Google, now Alphabet, all opened lower.
In due course, analysts scrambled to find explanations for the tech giants’ declines, compiling obituaries about potential issues that could doom the stocks once and for all.
“But this is what I mean about August,” Cramer said. “The fact is … there’s nothing really going on at Facebook, and nothing at Apple, Amazon, Netflix [or] Alphabet. They remain dominant in their industries, as dominant as they were when they reported their earnings.”
