Whew, that durable goods number could have derailed us but good. Instead, it confirms what we learned in
The Washington Post
this morning, that the
, while not our friend, is not our enemy.
When it comes to Fed watching, we care about what
writes, but we live and die by what
writes in the
. Wessels put us all out of sorts yesterday with his leak of the Fed's new vigilance. But in this morning's
, Berry clarifies things by saying that the Fed may not tighten in May.
Let's not get lost in semantics. If the data over the next few days are very strong, the Fed will take action. If not, we are strictly on alert.
Not DefCon alert. Just alert.
says things are bottoming in East Asia. As my friend Ed Hyman from
always says, right now bad news is good news for bonds. MMM's "good news" about Asia is the only real bad news for bonds today, though, allowing the futures to lift.
That's why London could rally convincingly. Remember, when I came to work four hours ago London was up only about 40 and Germany, up 69 right now, was barely up.
In the linked world we are at, that, again, is a huge positive for stocks. What do I do on days like today? I try to get out of some of the "wrong" stuff, stocks that tend to underperform in a strong economy, safe stocks like
, and keep piling into tech. That's what I will continue to do.
Right now, game plan still very intact.
James J. Cramer is manager of a hedge fund and co-chairman of TheStreet.com. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Mr. 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 welcomes your feedback, emailed to