This article originally appeared on RealMoney today at 8:41 a.m. EDT.
I dread this week. Not because of where I fear the market is going, but because of where I fear the press is going. This week,
report. Despite the fact that these stocks do nothing and have done virtually nothing for years now, the press will make a huge to-do about them because that's what the press knows to do. These companies will be called bellwethers. They will be lauded as important signals for the economy. They will be held out as the keys to the market.
And they will be none of those.
When we look at the destruction of the stock market as a place able to withstand people's interests long enough to profit from, we have to take on the press, front and center. Most of the people in the press have no idea what's moving in the stock world. Heck, I know enough of the people who cover business stories in every venue these days -- having hired or fired many of them -- to be able to say that many of them wish they were doing something else. (Of course, not all venues are the same, such as the one you are reading now. But that's because this venue was set up with the idea of helping you make money. Making money and talking endlessly about the importance of Cisco and Dell simply aren't compatible.)
That desire of the members of the press to do something else and to be somewhere else manifests itself in the endless preoccupation with a few stocks that used to mean a great deal to this market.
So, I will do my best, in my own unsubtle ways, to poke fun at the obsession, perhaps by having Cisco's management on
the same day as Cisco's earnings, or perhaps by having Dell-free television and
But it will come off more as a comedy bit than an admonition because of the righteous -- but wrong -- bent of so many of my colleagues in the print and television world.
Forgive me, but I am focusing on the small health care plays, the medium biotechs and the under-$2 billion oil gambits. That's what's working; that's where the focus must be.
James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS by
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