A Russian-Roulette Kind of Rally - TheStreet

A Russian-Roulette Kind of Rally

Cramer hates this kind of temptation ahead of a Fed meeting because it makes a selloff more likely tomorrow.
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Oh great, a rally ahead of the Fed meeting. Why don't we just put a couple of bullets in the gun, spin the barrel and play? I hate this kind of temptation. We don't want this market rallying ahead of the meeting as it makes the possibility of a selloff tomorrow that much greater.

That said,

John Berry

gave us the green light in his Basis Points column yesterday in the

Washington Post

: no tightening, no bias to tightening.

So we are presuming that, with the Fed out of the picture, the long side sure does trump the short side here.

Random musings:

To buy

Ciena

(CIEN) - Get Report

or not to buy Ciena? That is the question. Of all of the telco-techs I have my eyes on to buy, it is this one. The company has some momentum and has terrific products. But it has such a concentration of customers that if two of them merge -- notably

Sprint

(FON)

and

MCI WorldCom

(WCOM)

-- then it gets hurt, maybe badly. That's why the stock keeps getting hit. That's why the bottom line is, I am staying away.

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

jjcletters@thestreet.com.