Picking away. Using increments that I haven't used in some time. Buying small amounts. Microscopic. If the Net were a card game, you would say that I am ante-ing up but folding before the stakes get high.
What underpins my lack of conviction? Frankly, these bonds just don't have it. The
is talking about retiring debt and we still can't seem to put in a floor. Oil is coming down off inventory bulges, and that isn't helping either.
Sometimes the market can overlook the bonds. Other times, we seem to be in the death grip of the bonds.
Right now, the bonds are playing too big a role. They are like a deck that we know nothing about. Even the card counters don't know what awaits us.
So, I pay a little to play. To see the cards. Staying lean. Could be worse. Earlier the bonds were swooning and it looked like we were in for some serious punishment. But the reprieve at 10:45 a.m. seems like more of a stay of execution only. (A mixed metaphor only for those who don't take the game seriously.)
Until then, I am solidly of the mind that we're in a correction phase, as Helene Meisler says in her morning
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 the stocks mentioned, although holdings can 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