At least we waited through the 2 p.m. sell hour and now it feels better. Tech, with 3Com (COMS) out of the way, seems OK. I knew that we were nearing the end of the short-term misery when the talking heads were going on and on about the shortfall at Read-Rite (RDRT) . Sorry, folks, but it has been seven years since Read-Rite mattered.
For me, an important tell is the turnaround in
. Here's a fave of mine that clearly got ahead of itself. (What a Wall Street gibberish term that is. I mean, in what other business do things get ahead of themselves?) And now it has finally found a level where it stopped going down. A second tell is
, which finally acts well after a horrendo bout with the sells.
What really happens in these situations? What is going on behind the scenes? Sellers finished. Not just any sellers. But mega-tonnage-gigunda-humongo-colossal-time-sized-
cause-there's-no-tomorrow sellers. If these guys were missiles, they would take out Abrams tanks.
Did they walk away after inspecting the damage reports to the charts of the stocks they wasted? Did they run out of ammo? Did they refuse to buy into the gloom-and-doomers who are saying that our fighting men and women will have met their match in Kosovo? (Republican Guard anyone?)
Who cares? They are gone.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Worldcom, although 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 at