This day seems like a classic post-millennium-mark session. Every time we have challenged a new 1000-point height we seem to back off and consolidate for days at a time.
Admittedly, there have been other times when I thought the
was better positioned to pierce the next level than it is this time around. Many Dow stocks seem tired. Some, like
, seem just plain brain-dead. I thought this stock would at least get to the strike (March 40) in time for expiration Friday. (It's at 38 5/8 at midday Wednesday.)
More substantively, I have been amazed at the incredible weakness in the bank index, the BKX, post-
. As one of my theses is that this group is the right place to be, I am checking and rechecking my work to be sure that I am not missing something. I don't think I am. Let me know if I am wrong.
In the meantime the moves seem simply random to me. Good time to check out the parade.
As an Internet commentator on the market, I know being a market commentator at a brokerage house can't be easy, and I found myself sympathizing with Old Ralph for taking so much
heat on the site.
That said, Ralph's a draw and I have never heard anybody knock the guy at
because he does move markets, and that's part of what a market analyst can do. He has and will have clout.
It has recently been suggested that perhaps I had something to do with this piece this morning, as I was tough on Ralph in February. Let me tell you what a joke this is. Not only do I not talk to reporters at
about story ideas, but they won't take my calls and I can't even email them, or them me.
Alice in Wonderland? No, prescient. We knew one day people would read us and we put in rules from day one to make
(my hedge fund) and
ludicrously separate. No matter how many times I emphasize the strength of the Chinese Wall between us there is always someone who thinks it is being violated.
My view: When I worked at
there were M&A guys who knew things every day that they could not tell me. Same firm. The penalty would be severe if they did. The penalties for me would be the same. I don't communicate with the staff of
. Period. Never will.
When things get sticky, as they seem to be now for me, it is amazing that I seem to get cited for everything
does, right or wrong. Hah! If only people knew how little input I really have. ...
Speaking of input, there is a piece about me and my activities in
Salonmagazine.com this week that I thought captured more of the truth than any other about what I do and why. Go there if you would like to find more.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At the time of publication the fund had no positions in stocks mentioned in this column, though positions can 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 by sending an email to