Too much of a run last week.
Too much of a glib statement from
blasting business-to-business. Time to take some of the winnings off the table from last week. We got lucky that the group spiked up before the brutal Safeguard abandonment could set in and we were able to scoot from some of the more vulnerable plays.
We got a 30% move off the bottom last week
-wise, so we are reducing a little exposure, recycling the highest of fliers into the semiconductors and some foods and drugs.
, who called the ramp perfectly last week (and it was much more of mountain than a hillock or a switchback, he points out), says we are done with the ramp, and now it is time to re-evaluate and trim in
land. I like that call 'cause he has the hot hand.
We love the industrials on the
New York Stock Exchange
(like the drugs!!) as much as we are tired of battling the Nazzdogs, particularly the ones that are directly related to the Net. We want to cut that exposure before those who got bailed out by the bottom last week get themselves in trouble with margin again.
Hence the capital reduction.
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