? Remember when we used to live in fear of its shadow? Now it seems like an irrelevance. Like, big deal, the Fed is meeting. I think there is a reason for that: The soft landing has materialized.
has won again, and there is no surer sign of his winning than when we don't care about, or fear, a Fed meeting.
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Earlier today, I saw someone take a big swing at shorting the bank stocks. Normally, there would have been huge follow-through and the group would have rolled over.
Instead, nothing happened. A single wave without an ounce of follow-through.
Bank-stock buyers are thinking two things: If Greenspan does nothing, the tightening is over and the squeeze on margins might be ending; and if he tightens, the Fed will be out of the way for some time. Both are wins considering how low the financials are vs. the rest of the market.
Meanwhile, the air is rife with talk of consolidation, particularly in the underperforming regionals. To me, the put-buying on the banks I saw was a gift -- a gift to get in before the next leg up.
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 any stocks mentioned. 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