An Early Bottom Call By Cramer?

Well he did it. Cramer called a market bottom today. He cited good earnings across the board (apart from financials). I mentioned recently that excluding energy and financial companies, earnings were up 2% since last quarter. While I think it is possible that we have touched bottom, I don't agree with the timing of Cramer's call. Here is why:

Although he didn't say it, I think Cramer may have been influenced by the ADP jobs figure, which came out today and indicated that private sector jobs grew by 9,000 over the last week. This survey is notoriously inaccurate and there will be a more precise figure released by the government Friday. I feel that Cramer may have got so caught up with the idea of calling a bottom he may have forgotten about the traditional inaccuracy of the ADP figure. If I were Cramer I would have at least waited for GDP data to come out tomorrow. If those figures meet or beat expectations, then he could feel a lot more comfortable with his call. Waiting for better jobs figures on Friday would be even more prudent.

I am not saying that Cramer is wrong. If GDP figures beat expectations tomorrow, I think there is a distinct possibility that we have seen the bottom. If not, I think we will be seeing new lows before the real recovery begins.