Can you believe these banks? Shouldn't they be tanking with these bonds? Or are the bonds falsely down?
Throughout this period, I have been struck by the rampant inconsistencies of this market since the
went to a tightening bias. Banks should be getting knocked here -- and hard. Drugs should be down big, too, if the bonds are telling the truth.
When we have anomalies, it does not make the market more attractive to me. If the bonds are real, these stocks will fall. That's what I care about right now, and it is why I don't trust this market.
Other than telco tech, nothing really gets me interested -- even down here. Usually I can find something down to buy, but my faves -- like telco tech and semiconductor stocks -- aren't coming in, so count me out.
On the sidelines.
Got a lot of cash and bonds. Other than the portion in the 30-year, my portfolio's not burning a hole in my pocket. The 30-year bonds, however, are positively torching me.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long the long bond. 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