Active Trader Update
Buyers, Walk Away Now
Jim Cramer
02/28/07 - 03:03 PM EST
This column was originally published on RealMoney on Feb. 28 at 2:25 p.m. EST. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here.
Telling times. Soon the companies that have been in there buying back stock are going to step away. That's what they do at the end of the day. They can't control the closing price.
Soon some of the hedge funds that are short the market will go into the ETFs with guns blazing, trying to take the shooting match down.
Which is why it is now time to walk away if you want to buy. You have done your buying for the day unless they crack it in the last half hour.
Volatile markets require different rules from the ones we've played by for a long time. You need more discipline. You need to say, "Oops, that was a called strike; I didn't even take the bat off my shoulders, can't swing now."
And you have to wait for the shorts to make havoc.
They will; you can count on it.