This column was originally published on RealMoney on Oct. 20 at 9:51 a.m. EDT. It's being republished as a bonus for TheStreet.com readers.
The economy is slowing for
. It isn't slowing for
, every retailer, and almost every tech company.
But because we are so overbought, for the morning Caterpillar will trump all of that good news and send people to buy defensive names such as
. (Those buys will be futile, by the way, because of options pressure.)
To me, this is all nutty. Caterpillar's important; it led the
up. But if you are like me, Caterpillar is the answer, like
, to the single biggest question on earth: Is the
Caterpillar and Wal-Mart are so visible that they could, in the Fed mindset, hold off the next tightening. I can't tell you how many companies, from
Bank of America
, need that to happen.
So before you bail on Caterpillar -- which is like bailing on Wal-Mart, in my opinion -- take heart that today, the Fed is off the table.
College students, listen up!
is offering you something special... a free subscription through May 31, 2007. The only requirement: You must have an email address that ends in .edu. Email
to accept my personal invitation to come read my blog every day, plus all the other writers on that great site. Pass it on!
At the time of publication, Cramer was long UnitedHealth Group, Schering-Plough and Altria.
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