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Commentary: Wrong! Dispatches from the Front *New* Alerts! Please click here...
That's what I do. That's my technique. Others may do things differently. Some readers are demanding a level of perfection that, frankly, none of the people who paid me millions of dollars ever demanded. I wonder what these people have to say about the strategists who stayed positive all the way down? How do those strategists read their email? How do they live with themselves? How do they get out of bed in the morning?
To many readers, I committed a mortal sin after the vicious decline of last week. I got more positive. They don't understand that. They think that it is inconsistent to get bullish after the week's severe drop-off. They think that rigor demands staying the course, even if the market met my targets. Again, that is what I do: I change my views depending upon the circumstances. That is what I have always done. I buy weakness and sell strength. I thought that the weakness on Friday was overdone and that if you haven't sold, you will have a better chance to sell later. Others of you love to take a quote or two of mine from another time and "discredit" me by bringing it up now. What are you smoking? Prices are lower for almost every single stock. We are trying to make money here. We are not a college debating society and my column is about making money, not about taking a position when the market was higher and sticking with it no matter what. That's what fools do. I don't like being a fool. I like to make money. For those who are unaware of how I work, let's say a good company has a stock that has fallen 30% because of the stock market jitters. Now let's say a bad company fell 30% because its earnings faltered. I want to buy the first. I am not interested in buying the latter. I am neutral on the latter. That doesn't mean short it, and it doesn't mean long it. It means neutral. If the former stock drops again, and the fundamentals are still OK, I am still in the buy camp. However, if it fell, and something structurally changed negatively, I don't want to buy it any more. It is not my fault that fundamentals falter. It is my fault if I stay long something where I know the fundamentals have faltered. If companies never slipped, and managements never screwed up and the stock market never went down, then a buy-and-hold philosophy would be simply brilliant. If you think that is the case, what the heck are you wasting your time reading me? Just go out and buy anything! But if you don't think that's the case, I thnk you should keep reading, and cool the tempers, cause it is tough for everybody right now. [Editor's note: The transcript from Cramer's RealMoney.com chat with Bill Fleckenstein Monday has been delayed. It will be posted later Tuesday.] James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to jjcletters@thestreet.com.
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,309.92 | 1,091.49 | 2,138.44 | 32.31 |
Oil *
77.12
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DOWN
154.48
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DOWN
19.14
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DOWN
37.61
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DOWN
0.48
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10 Yr
3.23%
SPDR Gold
115.06
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-1.48%
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-1.72%
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-1.73%
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-1.46%
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Data delayed 20 minutes |