The early line shows a giant sentiment shift, led by
and a good quarter by
. We know from the Oct. 8 bottom that bottoms get formed by these darned things. The bears press their bets too heavily (and we know they were doing that all day yesterday, with buy after buy after buy of puts coupled with MASSIVE call sells on indices that are bets against the
). Meanwhile, the bulls give up the ghost (we saw that in
at the end of the day, when these stocks acted like hot poisoned potatoes), and the centrists say, "Wait until after this impeachment vote."
That is exactly what happened during the
October bottom. We got the impeachment vote, we got too many bears and we got scared bulls. That's why we could expect a rally from where none is supposed to come.
That said, I am sure that at some point today the bears MUST come back to make a stand against this market. There was too much money spent yesterday betting against stocks, particularly the Nasdaq, for me to think that the bears won't be right back at 'em trying to make this market look as heavy and as sick as possible.
The fundamentals may come into play at that point. And last night's fundamentals were a bullish meeting by
, which I am long, and a very strong call from Solectron, which has a terrific look on the whole universe of tech and says things are going great guns. This morning
, boosting the important Net sector.
Bears on the run?
Stranger things have happened.
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James J. Cramer is manager of a hedge fund and co-chairman of TheStreet.com.
At the time of publication, his fund was long General Electric, Intel and Microsoft and had no position in the other stocks mentioned, although positions 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 by sending a letter to