Did we borrow tomorrow's rally today?
That's our biggest worry. With
The Washington Post's
John Berry reporting that the
will be benign, we rallied ahead of the Fed meeting. Does that mean we will sell off tomorrow after the Fed does nothing?
What would make this day more than one of a series of one-day wonders? Oil. If oil breaks here -- and you know I think it will -- then we could put together a streak.
Otherwise, I am afraid that when the "news" comes out that the Fed is doing nothing, one of the variables -- the dollar, the bonds -- will not behave and the market will go back into its stop/start mode.
Can't believe how much
money was coming into this market today. It was cascading, and it sent a lot of big-caps up effortlessly. Painful to see things like
, which I left at 49, continue to go higher without me. Lot of recriminations today about our cash position. But this "right for a day, wrong for a day" market is too vicious to play full tilt.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. 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