Publish date:

A Real Bummer of a Day

So far, traders are not exactly in a happy, buying mood. Cramer wonders if the Knicks might be partly to blame.
Author:

We are just churning. And burning. The bonds don't work. Heaven knows when they will. People are extrapolating weak personal computers from Micron (MU) - Get Micron Technology, Inc. (MU) Report -- right or wrong -- because yesterday Michael Dell was talking about strong PCs. But in this market, whoever speaks last controls!

At the same time, the market only has room today for zero-sum thinking.

Nortel

(NT)

gets a contract, so people bang down

Lucent

(LU)

and

Cisco

(CSCO) - Get Cisco Systems, Inc. Report

. Don't look at me; I am not doing it.

Morgan's

(MWD)

not rallying on that great quarter, so all brokerages get taken out and shot. (Our enemies, the bonds, aren't helping there.) And Latin America is getting crushed on talk of a 50-basis-point boost, an inoculation that might actually give them the disease.

NDX

gives back what it made.

Dow

wilts lower. So far, a real bummer.

Random late-night musings

TheStreet Recommends

: Maybe if

Larry Johnson

had made a couple of those foul shots. Maybe if

Robinson

would periodically be called for goal-tending. Maybe if

Tim Duncan

were human instead of a basket-making automaton. Just maybe, the market would act better today.

Yes, the mood is foul on Wall Street, not least because almost everybody involved with an order is miserable because of last night's potentially terminal loss by the

Knicks

to the

Spurs

. Hold it, before you email me and accuse me of being New York-centric, first of all, I am from Philadelphia. Second, I canvassed enough people in the business last night at the

Garden

to know that traders are in a sour mode, not a buy mode. Bizarrely, both Mr. Method

Jeff Berkowitz

and Mr. Emotion (me) are noticing that same hangover from last night stinking up this market.

Weird, cosmic, and strangely, very true.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Cisco and Lucent. 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.