Could it be? A boring day? One that doesn't have breathtaking moves? One that can be covered effectively by the overnight hard copies that get thrown on your driveway?
I don't think so. We are looking for a wild last half-hour as shorts cover, longs take profits and people generally freak out ahead of the
meeting and the
quarter. What makes me think this could occur? History.
I have cast this as a struggle between the bulls and the bears for a reason. There is so much money bet against the Net, so many members of the intelligentsia pooh-poohing and comparing it to the other manias, that you have drawn a very large group of people who would profit from a big
These shorts, however, are not inured to pain. They know that there are moments where the ice water in the veins gets transfused for mere platelets and those platelets react poorly to megalosses.
So the shorts tend to not want to be in for the exact moment of pain. They like to cover right before a big event. Meanwhile, a whole other group of longs would rather just take profits than be in to do the homework of the Yahoo! call and the ferretting of the Yahoo! whisper.
The combination of the two, plus sightseers, makes for a bit of a reenactment of
! We know who won the war, but that doesn't mean we have to be on the island when it happens.
Me, I picked Yahoo! along with
as the ones I will own through thick and thin. I am in the battleship overlooking the island, I guess you could say. I will go in only if the offense gets in trouble and needs more ammo. In English, I am a buyer below 205.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At the time of publication the fund was long AOL, Dell and Yahoo!, though positions can 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 an email to