Nasty Friday selloff. Nasty. And to me it means an opportunity to put money to work. I am using typical bull-market rules. You get these profit-taking pullbacks and they inspire tons of worry. They make people nervous as heck. They shake out the weak holders.
And they recharge you for the next move. Let's not forget that the
Nasdaq was due for a sharp pullback. It had been straight up for much of the new year. I have been more negative on tech than most, so I don't see a big opportunity. You know my bias is against telco and telco equipment technology. But the financials, the retailers and the growth cyclicals, the stocks that have to be bought on these pullbacks, are very right. Hence the more benign selloff in the
S&P names that I think make much more sense here. We will pick and chose on Monday, when this decline should be stemmed.
Jim Cramer
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