FedEx's
(FDX)
projections spurred tons of shorting Thursday. Tons. You saw people shorting everything from Black & Decker
(BDK)
to Blue Nile
(NILE)
to Amazon
(AMZN)
off the call that domestic shipping will be weak.
And I think it is all nonsense.
I think it is nonsense because on the FedEx earnings conference call, the worry was related to housing. I think it was much more theoretical that it was pragmatic and empirical.
Moreover, I think that the shorts are going to regret taking derivative action -- meaning pin action -- off FedEx's call. I think that they shot first and won't even have time to ask questions before they are overrun on the short-side.
Sure, Blue Nile is overdone. But I think that an Amazon should be bought here. A strapped consumer is an Amazon user. I would not extrapolate FedEx's comments to say "sell Amazon" at all.
Those kinds of shorts work if the Fed is your enemy. But when the Fed is your friend, you are looking for a heap of trouble with these shorts. And nothing more.
Random musings:NYSE Euronext
(NYX)
? Get this, people are telling me the chart looks great. I always say the same thing: This is the worst-acting stock of the best-performing company I have ever seen. I reiterate that position in the face of this rally. ... Speaking of Amazon, the four horsemen are going higher: Amazon, Research In Motion
(RIMM)
, Google
(GOOG)
and Apple
(AAPL)
. Oh, and my Apple channel checks are through the roof on both the Mac and the iPhone.
At the time of publication, Cramer was long NYSE Euronext.Jim 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. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC.
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