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Check One Off for the Bulls

Although summer Fridays on Wall Street can make for precarious trading, this is a better-than-expected showing.
Author:

Lots of times, all you want to do is have the bearish vs. bullish checklist out. Here are a few we just reviewed -- all of which showed good signs of a change in sentiment:

    Really negative article about Merck's (MRK) - Get Merck & Co., Inc. (MRK) ReportVioxx, and the stock pops a buck and change anyway. Pfizer (PFE) - Get Pfizer Inc. Report jumping 5 ahead of a split. Net ignoring Blodget bearishness for a day. Cisco (CSCO) - Get Cisco Systems, Inc. Report acting well despite a couple million-share filing. Actual institutional demand for stocks, with individual Nasdaq issues getting some attention.

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I don't trust summer Fridays, but this is a better showing than I could have expected, given that the bonds are right

where I bought them when the

employment number

got reported. But beware, the crowds are thinning on Wall Street on this beautiful Friday.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Cisco. 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.