Cramer's Law in Action - TheStreet

Cramer's Law in Action

Cramer says he's going to buy more while everything is going right. He's also looking forward to Yahoo!.
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What has to go right usually does. Oil did break. Look at these drillers. I am covering my shorts, but I wouldn't go long here.

MCI WorldCom

(WCOM)

tied the knot and it is not the end of the world for telcos. The earthquake has been quantified and it is not that bad. And the brokerage houses, from

Morgan Stanley

to

Merrill Lynch

, are saying that tech remains strong.

For us, it is time to buy more

Intel

(INTC) - Get Report

, which we now believe was pushed down by the advance press that often accompanies

Barron's

hatchet job that is

not

done by

Abelson

because Abelson, for all of his well-documented faults, at least keeps his cards to his vest.

And our little cyclical price-weakness bets panned out immediately. At the same time, we still stick by our thesis that the dollar or the bonds will not like what the

Fed

says and we will get a chance to buy more stock lower.

Oh yeah, and we are staying long our

Yahoo!

(YHOO)

and getting ready to venture back into the

badlands tomorrow night after Yahoo! reports.

Can't wait; hope you can't either.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long MCI WorldCom, Intel and Yahoo!. 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.