What a massively forgiving market! Yesterday
National Semiconductor(NSM Quote) guides expectations down and today it is up almost 20%. Yesterday
Intel(INTC Quote) took away all first-half hope, and today it is up a buck and a half! Earlier in the week
Xilinx (XLNX Quote) and
LSI Logic (LSI Quote) "blew up," so to speak. They are now up huge, just huge, and those prices now seem like gifts.
I have a word for that. It's called "the bottom." Again, if you want to know why this market bottomed, I urge you to read my
most recent version of the
checklist that I set up during the bear market to tell you how to determine when you could get bullish again.
Now, weakness has to be bought. Intraday weakness. Intraweek weakness, whatever. I feel strongly about this, because you only get the moves like you have seen in a Xilinx or an LSI or an Intel at the bottom. As I predicted, you will hear and see many people all over the place telling you that this is not true and that we haven't bottomed and that the
Fed can't help even if they eases. And I will tell you again, you are in
The Odyssey. Lash yourself to the mast, stuff cotton into your ears and
do not listen to
the Sirens . They are only there to confuse you and make you founder on sharp rocks where vultures will peck out your eyes and your innards.
I wish I could be more graphic about how wrong the Sirens are, but it is Friday afternoon and I am dog-tired. So that will have to do it.
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Jim Cramer
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