Yesterday Nokia was looking up going into the action, trading at 206, a buck up from the close. What a false tell that was! The stock meandered down to 184 in no time before bottoming at noon.
This time, the Nokia floodgates are open right from the get-go. It is back to where it bottomed yesterday. We are buying some of the stock we sold, at
insistence, at 205 last night.
We figure it is as wrong down here as it was up there yesterday when we walked in. Just seems stupid to us. We will know how stupid at 9:30.
Whenever systems are down, people sell. London has been
down all morning. It's causing lots of uncertainty. ... Bottom watch: Not enough secondaries pulled yet. In fact, way too much business as usual in syndicate land.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Nokia. 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