Lunch crunch, or has everyone put the money to work already? All I can tell you is that it feels like the former to me. When we get these ramps, there is always a moment, a kind of deep-in-doubt moment, when you think, "Holy cow, I could have sold Lucent (LU) at 72 and change, and now it is 71 and what was I thinking?"
To me, that's business as usual. Lots of times, if a full position of ours is 30,000 shares, we might put 15,000 shares on and we use the lunch crunch to get bigger. We are doing that right now with
, which is coming in by teenies as I write.
For others, though, if it got away, we just blast it. We bought some
on weakness, but didn't even get our 15,000 in, so we blasted that out up a buck and a quarter.
We continue to believe that we are in ramp mode, and we use weakness as a buying opportunity for all but the most unattractive of merchandise.
My measly attempts to get a new name on the sheets finally hit pay dirt. I won my partner,
, over on
, not on the fundamentals, but because of the power outage at his house and the burnout of two air conditioner motors at mine! But the fundamentals sound A-OK for what it is worth. ...
, that so-called failed deal, is rallying through the offering price. ... Banks shrugging off the crummy bonds -- boy, is that ever encouraging or deluding, depending upon your outlook. ... Still waiting for
to come on
, but if there is no invite there, I hope
invites him on to its
channel show starting in two weeks (Saturdays at 10 a.m. EDT, 7 a.m. in California -- sorry, Sundays, 1 p.m. and 10 a.m., respectively). I say we do a weekly bear hunt. What the heck, film at the Bronx Zoo if we have to, but we gotta have some bears, even if they are masked as journalists! Bull's-eye!
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Emerson, Lucent and Xilinx. 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