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Even /ArchBull Jim Cramer too?

Market could be in trouble thanks to massive stock glut, Jim Cramer says

Between the IPOs and the big SPAC attack and the big secondaries, we're being flooded with stock right now, so the market's going to struggle until Wall Street turns off the spigot," the "Mad Money" host said Monday. "Unfortunately, there's no sign of that happening yet, so you have to keep being careful."

With more than 100 initial public offerings so far this year, first-quarter fundraising in U.S. markets has reached a record, Cramer said. Several new IPOs are in the pipeline this week. High-profile companies such as cryptocurrency exchange Coinbase and trading app Robinhood also plan to go public soon.

The market has also seen rising interest in companies choosing to go public through special purpose acquisition companies, widely known as SPACs. This year has seen more SPAC offerings executed than in all of 2020, Cramer noted.

"You can tell that there's too much supply because many of these deals have started to fizzle," Cramer said. "These special purpose acquisition companies just keep coming, even though the whole SPAC ecosystem's falling apart.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Mar 31st, 2021 at 01:43:36 AM EST

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