Where did those bears go? Where was that
seller? How about that
Standard & Poor's Depositary Receipts
seller? Right now those guys are looking as wrong as you can get.
In the meantime, I am blowing out half my bonds that I bought on the auction yesterday because -- what the heck -- that's a good trade.
Lots of people who used the
as an excuse to do nothing will now come in and pay up. Stepping to the sidelines was wrong. Being in was right.
To me, the best pickings are the techs beaten up from the programs last night. That's what I am trying to buy even as I type.
The buying I was
referring to in the last half-hour has to do with corporate buybacks. You cannot mark your own stock up in the last half-hour. Which means you can't have a buyback in the last half-hour. That's when stocks can lack underlying support.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long the long bond. 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