The market has one goal right now: to drive as many people nuts as possible.
gets slammed today. NDX got loved yesterday. NDX got slammed the day before that. Everybody loved the Net in the second half of yesterday's session. Today? Hated it.
, which has been in its own personal hell for so long, today looked heavenly. The drugs, everybody's favorite whipping boy for days, traded terrifically.
In other words, the trend is not only not your friend, the trend is a missing person! All of which argues again for doing less. The market is not always trendless. We know that because it rallied from
800 16 years ago. Now there's a trend for you.
But during that incredible, wonderful romp -- what the heck, why not give it a couple of superlatives and huzzahs, it is pretty amazing isn't it? -- there were a lot of periods where capital was ground into the dust.
This is one of those periods. I know it must seem so enticing to you to jump the
gun, decide everything is fully discounted and make a big bet.
That's just not my style.
There will be plenty of time and plenty of better opportunities.
Some PR guy sends me an email asking me if i am interested in
Digital Corporate Profiles
. As a courtesy I say sure, so he sends me a copy of their work, which is a "corporate storyteller" CD-ROM, for, get this,
. I see in the release that the company also tells the stories of
. Funny, Melissa Kasper, my analyst, wasn't that into it. Next time, send Arco.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. 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