RealMoney and CNBC’s Jim Cramer writes today on TheStreet.com that he believes the Dow Jones Industrial bottomed about two weeks ago when it hit the 7350 range during intraday trading. Going stock-by-stock through the Dow, Cramer — who about two-and-half weeks ago said he was finding few, if any, stocks to buy — says “it would be very hard to drop more than 1,000 points. Very hard, especially given the newfound view from many people that ‘the bad news is in.'”
Cramer says that he can’t see many of the Dow stocks hitting the lows they hit a couple weeks ago. And the handful of stocks that he thinks could eclipse their lows — CAT, UTX, IBM, MMM and DIS — won’t be enough to pull the index back below 7350.