Breathless and Busy

The market's summer doldrums are officially over, and the trader is thrilled.
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We could barely catch our breaths today. There was so much going on, so much to learn, so much to figure out and debate and argue about, that I can't believe it is 4 p.m. already.

The excitement is back. The summer has finally ended. The fall conference/IPO/trading season has officially begun and I am thrilled.

All during this summer it seemed that we would be better playing cards, the way we used to when my wife, Karen, ran the trading desk. I would try to force trades and she would say just play some blackjack and wait until the "deck" -- the market -- gave you something to work with.

Today we finally had something to work with. And it was plain exhausting. Gonna have to add an additional workout if I am going to keep this pace.

A lot of rough groups out there today. The drugs acted horribly. The banks, well, they were the banks, meaning they were grotesque. That's typical action when these bonds act as terribly as they did.

But there was opportunity galore. That's all I ever ask for.

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

jjcletters@thestreet.com.