Look, it could have been a lot worse. When the most important guru in guru-dom takes some money off the table, you have to expect some bloodshed. Oddly, the bloodshed seemed to be centered on
The stock was heavy all day and went out withered and spent.
As we are forever long Intel we spent the whole day trying to track down the rumors -- hmmm, could be Freudian, I wrote tumors first -- on the great semiconductor maker. Call them benign; we could come up with nothing that seemed life-threatening. The action in
didn't make us feel too warm and fuzzy either.
Throw in the fact that some
readers (including myself) had trouble accessing the site due to technical problems and you can just about say that the afternoon was a real write-off.
The one thing that really surprised me is that the worst part of the day was the end, not the beginning. With instant information, Abby Joseph's take-it-off-the-table call should have had most of its impact right up front.
As few seemed to heed it initially, it became just a great excuse by those who haven't trimmed anything to do some trimming. Hence the down day. Nothing more than that, at least to these eyes and ears.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Intel and Dell. 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 email@example.com.