After the Fed, Some Careful Buying

The trader is quietly buying his favorite techs, nibbling at the .coms, and even snaring some retail, among other things.
Author:
Publish date:

I guess

that's why they call it

Berkowitz, Cramer & Co

. The sellers, no doubt nervous that the

Fed

might want to keep drinking from the punch bowl, booted out everything. Why not panic, they figure, I guess. Why not get scared and blow out. Why not be worried that the Fed is vigilant.

Geeezzz!!! What is the point of that?

Giant futures sellers riddled the market, and the decision to wait until the downturn was quickly vindicated.

We are quietly buying our favorite techs, as we think the statement doesn't hurt their case and we are nibbling at the .coms and swallowing some financials and soft goods, which we think shouldn't go down when the Fed simply admits the obvious.

As long as we get some more numbers like we had this morning, the Fed will take no action and in 24 hours we will be focusing on the fundamentals again. I don't see anything here that hurts the tech fundamentals. We also snared some retailers in the morass, just seemed right, as people pummeled them both individually and through the programs.

Cyclicals? Too hard. We needed the Fed to say nothing to like them today.

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

letters@thestreet.com.