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Commentary: Wrong!
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Very hard day to judge. So much marking-up, so much quarter-preserving, so little actual news. And the news, away from the financials, is not good. Ingersoll Rand
(IR:NYSE - news - boards), one of the premier cyclical companies, piped up that things are terrible, and, just now, International Paper
(IP:NYSE - news - boards), one of my favorite stocks, just gave a dire forecast. We are in the teeth of preannouncement season, and companies that need a stronger economy to make the numbers are faltering badly. That, however, is precisely what makes me believe longer-term in stocks like International Paper. These are precisely the companies that respond to lower rates (as opposed to telco equipment concerns) and I think that disappointments from here on in -- now that we can sense the economy turning -- are buying opportunities. Which is why, after the numbers get cut from IP, I am buying some of that giant commodity concern. This is when you make money with those stocks, and I can't throw my hands up when everything in history tells me that this is the time to buy, not sell.
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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