Never liked these moments in the old job. Used to try to have an office pool, both on the time and the cut size. Had to do the time because the cut size was usually in the cards. The tension was always palpable on these days. I didn't want to take any calls from the wife. Didn't want to hear from family members. Didn't want to deal with any personnel problems. Hated talking to clients on days like today.
What the heck was I thinking? No matter what happens today, the casino will open again tomorrow. Whatever the
Fed does will be viewed by some as disappointing. Always is. Sometimes those who are disappointed act immediately and you have to take the other side of the trade. Sometimes the people who are too bullish act immediately.
Only rarely, on a scheduled day, does anything of meaning happen.
I am not saying, relax, it is just the Fed. I am saying, that the notion that it will all be solved today is not going to happen. It is not in the future.
So don't freak out. Don't get too tense. Don't be like me, like when I had put something in the Columnist Conversation saying what the Fed did -- and it didn't -- and I pressed it out of sheer nervous energy.
Maybe even take a walk. Or at least a deep breath.
I bet the market opens up tomorrow at 9:30 a.m., no matter what happens today.
Random musings: TG, one of our regular readers, has another take on my apologies and I am putting it in because it represents what many of our readers are saying to me:
"Seriously why do you apologize to these people? I never hear any of these bozo analysts come out and say 'I was wrong' or Michael Metz or Landis or Gilder or Jim "Mud Cat" Grant say, 'Oh my, I was wrong!!!' If people had the intellectual honesty and would get their heads out of their butts, they wouldn't have to blame anybody but themselves. In the end game,
they are in control of their money!!!!
"Here's the way I would have handled this type of comment:
" 'Sir it's sad that you liquidated at a price you think is unfair. It is also sad that you believe my "Stop selling:
(JAVLX Quote - Cramer on JAVLX - Stock Picks)Janus Twenty" was a flip-flop. In reality I have indirectly been telling you to sell Janus Twenty for a year!! Why did you wait so long? How many times did I have to say "Tech is going lower?" How many times have you looked at the holdings of Janus Twenty? How much third-party news did you see since last fall that showed a big slowdown in tech? Again, how many times did you look at the holdings of Janus Twenty? I am dismayed that you feel I did a flip-flop. In reality, I was trying to get some of the people who don't do adequate due diligence and think that the market owes them something to finally realize that it's time to redeploy their assets because tech may have based but it ain't comin' back soon! Hopefully, you'll realize that I have been on
your side for a long time and that my call was not a flip-flop but rather a final warning to those who have not taken anything out of tech yet!!' "
Gee, I like that! And it has the added advantage of being true.
Jim Cramer
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