Cramer: No Time to Panic, Just Time to Buy

This column was originally published on RealMoney on May 9 at 3:32 p.m. EDT. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here.

Got it wrong; didn't matter. No, I am not talking about Cisco(CSCO Quote - Cramer on CSCO - Stock Picks) where I got it wrong and it did matter. I am talking about how I believed the Fed would ease this month because of the glaring problems in homes, autos (hey, even Toyota's(TM Quote - Cramer on TM - Stock Picks) hurting) and retail.

Nah. The Fed governors are going to wait until the micro goes to the macro, they are going to wait until it is too late and the big quilt of data gets put together for them, which will smother the strength that is left in the economy.

And it didn't matter. This statement to me was, "Play on, nothing's bad, nothing's good." It was a recognition that things aren't as hot as they have been, but nothing more. It's a "pay no attention to the men behind the curtain" statement that now has freed people to say "the big bad event is over" so we can party again.

In other words: All's fine.

And if all is fine, we don't need the Fed to go higher, yet. Because while there is some inflation and a lesser amount of growth, it's no time to panic, just time to buy.

Random musings: Remember that Foster Wheeler(FWLT Quote - Cramer on FWLT - Stock Picks) at $100 is still cheaper than the cohort, which is why I am sure there are orders that high and they just can't get all of the stock in today so they will be back tomorrow to buy. ... Congratulations to Steve Smith! He writes the fantastic Options Alerts service. As of April 30, the Options Alerts model portfolio had returned 25.79% year to date vs. the S&P 500's 4.52% in the same period. I'm always looking for options strategies that work, and this hot hand holds them. Click here to sign up for a free trial today.