You can't fight the sentiment right now. You can't afford to be really bearish because you run the risk of the double whammy: Your investors see the market going up and they don't want to hear that you are not participating.
It was one thing when everything was going down -- when, as Mark Haines said this morning, only a couple of groups were working. Now things are working in banks, retail, housing, oil and gas, and in the industrials -- chemicals and papers -- and that's just too many stocks to be stuck in cash or, worse, in the dreaded troika (
Cisco (CSCO Quote - Cramer on CSCO - Stock Picks),
Sun Microsystems (SUNW Quote - Cramer on SUNW - Stock Picks) and
Oracle (ORCL Quote - Cramer on ORCL - Stock Picks)) where I think so many of our readers and so many mutual funds are.
I know that many of you want to wait these three out, but increasingly money managers are going to have to abandon them for something that is working, because they can't defend their stock selection to people who are
not in technology.
I think the theme for the rest of the quarter will be consistent earnings growth, and the troika, et. al., just can't deliver it. In fact, I would not be surprised if Oracle's earnings estimates are way too high, the way Cisco's were before the writedown and Sun's must be or they wouldn't be on national
vacay. Yes, you can wait it out. But as I said on
CNBC's "Squawk," it is much better to make money than not to, and you are choosing the latter course if the troika and its component companies remain your choice of stocks.
Random musings: Liking this
EDS (EDS Quote - Cramer on EDS - Stock Picks) quarter, which was fantastic. I still think this company has $100 written all over it.
Jim Cramer
RSS
