Missed a ton of email from people yesterday and caught up today. Hilarious. People just blasting me left and right for liking the market. People dumping on me and cursing me. People saying I cost them a fortune.
Only problem is that I read these emails after an 8% move. I sent everyone who groused a polite "Sorry about the rally" note.
Look, let's call it as it is. We got negative here and stayed negative for a long time. We always had shorts on. We said we took off a lot of those shorts at 2500. We took off the remainder of the shorts at 2200. We have
no shorts. (Much to the chagrin of people who really think I had something on the line when I blasted
CMGI (CMGI Quote). You know sometimes I do this because I think I am right, not because I want to make a buck!)
That's what you do when you think you are around the bottom. Understand that we can't call the bottom perfectly. Understand that we get things wrong all of the time. But understand that covering all of our shorts at 2200 is looking pretty darned good where I sit now.
There is no precision to a bottom. But to blast us for buying into this weakness these last 25 days is almost comical.
How good do you have to be around here?
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Jim Cramer
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