It could be worse; we could lose the bonds. On a day too dreary in equityland we have to take heart that the bond market hangs in there.
Given that gift, you have to believe that at a certain point the correction will run its course. But that doesn't provide us any insight on what to buy.
For example, I would love to buy the bank stocks here, as I think the
Credit Suisse First Boston
end-of-the-world sell call may be running its course. I like those more than the cyclicals today, because the bonds are signaling slowdown.
So why not pounce? I am more perturbed at the power of the bank stock downgrade. I am afraid others might attempt to be equally heroic tomorrow. Why not wait? Why not hold off?
Last night, at the Mets game, two Mets kept their bats on their shoulders. They got hit by errant pitches and got on base. The Mets won.
I want to win.
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