Don't Bank on the Banks

Cramer may like bonds, but the bank index can go up without him.
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I get it! You retire the guy who has been keeping down

Bank One

(ONE) - Get Report

and the whole group moves! Yeah, yeah, sure, sure, that makes sense.

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TSC

Message Boards.

Don't get me wrong. I am long bonds. Just bought some more here. (Spare me the hate mail, I like 'em.) But the bonds have to do a little better before I will use the McCoy exit to pull the trigger on, say,

First Union

(FTU)

.

That said, this group was due for a rally and people are making the most of it. I wanted to buy some

Mellon

(MEL)

just now, but

Berko

almost took my head off with the "How is the quarter, do you even know how the quarter is? Huh, huh?" Man, I can do without that abuse. So I bought some

Motorola

(MOT)

instead.

If the bonds were to rally to 97, more than a point from here, I would have overrun Berko on Mellon, just saying, "Who cares, we have a window of opportunity."

But all things said, with the slide in bonds continuing unabated, and my exposure to bonds more than taking up the slack for the financials, I will let the bank index, or BKX, go up without me.

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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

jjcletters@thestreet.com.