Pardon me while I apply my chain saw to the bears' jugular on this beautiful Friday afternoon. It should have been just an OK day given all of the supply that is hitting the market. It should have been just OK, given that the
, that index of volatility, has sunk very low. It should have been a ho-hummer, when you consider that bonds didn't react to the slower employment number.
-wielding bulls know better. They know that the
will get less aggressive if the numbers slow. They know that many cyclical stocks are trading at or near 10-year lows betting that the Fed is going to throw us into a recession.
Now they know that it may not occur. So they are pulling the chord on those humming saws and going searching for the few bears that just awoke from their long winter sleep and getting some real blood sport going.
We like 'em here. We like techies, particularly old tech and boring cyclicals trading at their lows. We like that there are four juicy tech conferences next week and that
has a big meeting to talk about e-commerce. We like the sweet sound of those chain saws swinging in the breeze looking for those big brown targets.
Let the hunt continue Monday.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long General Electric. 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