That thought raced through my head this morning when I came in and saw that the dollar juked down to the 103 level.
For most of this decade, when the dollar proved too volatile to call, I simply waited for Bob Rubin to work his magic and reassert a trader's dominance over the currency. My confidence stemmed from watching Bob in the '80s at
master one market after another, wrestling the edge from anybody who tried to take it from him.
Rubin is a master trader. When he got to
he would wait until the currency guys overplayed their hands, or went too far in one direction, and then he would deliver a full head and body slam to the FX kings. More than once he toppled a few. He understood the psychology of the markets better than anyone.
Now we don't have Rubin. This is no slam on
(as I write, the cynic in me is saying, wow, what a slam on Summers!), but nobody in this
clan can take on the FX traders with any authority.
So we are at their mercy. That means the dollar will continue to be assaulted until the quarter is booked and the gains are taken. That means the financials will continue to have problems -- until we find out
were short the dollar. It means stock futures will be down every morning that the dollar trades lower.
It means rough trading.
: Holy cow! Great news about our TV show. We have just been given prime-time status!!! We will be running at 6 p.m. Saturday night on the
Fox News Channel
. We will also stop competing against football, because in addition to the 6 p.m. slot Saturday, we are going to be running at 10 a.m. Saturday and 10 a.m. Sunday. Now you can watch the Giants or the Birds or the Skins or the Jets
watch the show. (Which is good news because as much as I love "TheStreet.com" TV show, the 1 p.m. football game is inviolate at my house, except when I am coaching soccer.)
This is great news because the show needs to be watched. For example, three weeks ago when I was sunning myself at Montauk,
stepped in and told people he was worried about
quarter. Right!!! Great call. I have seen the future. In a few more weeks, this show will have -- here's the magic word -- traction, which means that your portfolio will be affected. We envision a world where you can't invest wisely unless you read and watch us. We just got closer to that with these new times.
, if you want to find out more about these guys you should read the October issue of
. Pretty informative article.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Goldman Sachs. 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