I know it's a good day when I hear my partner, Jeff, speaking to one of our younger brokers, trying frantically to get him to buy some tech stock, and I hear Jeff say, "I don't know about that, but did you hear that Moe Green's out at the Tropicana?"
That's what happens when you are long and you get 1990 issues up. The thing I follow the most, advance-decline, is looking mighty fine for the bulls. With the presidential press conference keeping various Bruins, Grizzlies, Koalas, Yogis, Kodiaks and Bad News off the tube, maybe we cross the whole 2 to 4 p.m. sell canyon without much bad news, save the usual PC raid, of course.
Frankly, that's a very strong showing given that the bonds really have given back a huge amount of their gains. I know many traders who thought they could clock it here, as the day before the market was up 200.
The real crime, however, is how few commentators have said what I think the story of the day is: "the tremendous follow-through" from yesterday. Typically, if we are flat or down after a big up day like yesterday, we are subjected to a barrage of "no follow-through." Today, when we actually have it, you would think it would come up.
Have a good weekend. Check in for my rewrite tomorrow. (Oops, in the background, talk of thermonuclear war!! Get me
on the hop!)
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. 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 by sending an email to firstname.lastname@example.org.