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A Schizoid Session

The Dow and the Nasdaq part company, and today's wackiness doesn't bode well for the markets.
Author:

Holy smokes, the

Dow

goes out at the high of the day and the

NDX

goes out at the low? Talk about split personality; this session was downright schizophrenic.

I didn't trust this day. First, it came on top of Friday's massive markup by institutions of their fave NDX names. Those rolled over big-time.

Second, I cannot emphasize enough that, while the cyclicals will move again tomorrow and maybe the next day, these stocks will be downright impossible to own through the preannouncement period. These companies won't make the earnings.

Third, the action in

Intel

(INTC) - Get Intel Corporation (INTC) Report

once again took the NDX's breath away. Nasty, and backed up by Dan Niles' negative work. (Nothing personal, mind you, I am neither long nor short it.)

Finally, the Net got clobbered -- making me wonder whether it was severely marked up last week by people who wanted to show that the Net wasn't all bad for May. Wish they hadn't done that. Makes the whole game much harder.

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Again, I am sidelined, waiting for the other shoe to drop on Friday. I read

Padinha's

piece today about

NAPM

and it made me feel even worse about that wrong number. Guy wants to be my Fourth of July, I guess.

A beautiful weekend, fantastic weather, lots of running bases, tag and tent-raising, yet it doesn't change the outlook: cloudy with a serious chance of lower prices ahead.

Random musings:

Wowie, zowie, the preannouncement period begins with a bang from

American Home

(AHP)

. Now there's a miss for you!

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.