Cramer: 10% Correction Possible, June 16 2011

Drew Sandholm
CNBC
A 10 percent correction is “entirely possible,” Cramer said Wednesday, as stocks fell sharply on worries the Greece debt crisis may escalate and concerns over other headwinds facing the economy.

After all, the “Mad Money” host noted the market is already down 7 percent. Cramer doesn’t think another 3 percent to the downside is out of the realm of possibility. He stopped short of calling it a bear market, though.

“I think we’re holding in,” Cramer said. “It’s a bad market, but we could be substantially down from Monday and we’re not.”

Stocks tumbled amid worries over increased turmoil on the Greek debt situation, but Cramer argued it’s not a “Greek tragedy.”



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