Patience and Cash

 

Well, at least it ended. Another torturous session for the bulls; another nirvana round for the bears. This day must feel like a picnic basket in Jellystone National Park to those guys. Or maybe one of those fish fries the bears have in the Columbia River, you know where the salmon don't know any better but to head into their jowls?

More on Wrong! Rear Echelon Revelations

Today was a big give-up day. We smelled capitulation all over the joint -- and it stunk to high heaven. That brutal blip up and failure is precisely why we have to stick to our strict scales here. In this kind of market you always want to reach for it when you think that it looks good, which is exactly when you have to take profits or kick out things bought lower.

Let me introduce you to your two new best friends: patience and cash. If you don't know them yet, you will learn to love them soon enough.

Random musings: Congratulations to Inside.com on their launch!

>To order reprints of this article, click here: Reprints

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, he owned shares in Powerful Media, the parent of Inside.com. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at jjcletters@thestreet.com.

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