The Weakness Must Be Bought

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What a massively forgiving market! Yesterday National Semiconductor (NSM:NYSE - news - boards) guides expectations down and today it is up almost 20%. Yesterday Intel (INTC:Nasdaq - news - boards) took away all first-half hope, and today it is up a buck and a half! Earlier in the week Xilinx (XLNX:Nasdaq - news - boards) and LSI Logic (LSI:NYSE - news - boards) "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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James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Intel. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at James J. Cramer .