A Forgive-and-Forget Market

This kind of market is a nightmare for daytraders, but a dream come true for those willing to hold on for a few days.
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What was that tech negative again? Was it Y2K or mainframe demand or something?

A market that can't remember anything bad two days later is such a forgiving market that it forces us to re-evaluate anything that is down that shouldn't be.

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Last week,

EMC

(EMC)

got hit on some collateral negativity off

BMC Software

(BMCS)

and

Hewlett-Packard

(HWP)

. There had to have been a dozen sellers pounding the stock. In the meantime, all of the analysts we respect, such as Laura Conigliaro (wouldn't Tony have loved that win!), went out and said to buy the weakness.

We did it. We felt like people who show up at parties wearing the wrong clothes. We got marked down badly and left Friday kicking ourselves that our run would reflect the EMC decline, making it difficult for us to keep up with the market for October.

Then we come in today and it's like, "What was with that EMC? Why the heck was that down? Let's get some in." And today it feels great.

It is not just EMC. DRAMs killed us Thursday and Friday. Today they make us smile (although DRAM pricing can be gamed no more easily than a coin toss these days).

Of course, this is a nightmare for daytraders. But it is nirvana for those who are willing to hold on for a few days.

Random musings:

Yahoo!'s

(YHOO)

lock-up on

GeoCities

expires today. So we see the pressure. We just bought a little, but it is so heavy that I feel like letting it go down more and hoping that some analyst squawks that it is only being hurt by the lock-up. ... Waiting for

GE

(GE) - Get Report

to be down more off the

Barron's

piece, to buy more. You have to hand it to

Abelson

: He sure doesn't care about things like

CNBC

being partners with

Dow Jones

(DJ)

. I like that!

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long EMC, Yahoo! and General Electric. 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.