Can you buy the drugs? Can you buy the cyclicals? We answer the question this way: yes and no. We are buying the drugs because there will be enough people who will worry that the economy is too slow that they will get traction. They seem like a steal to us. (The dollar will get weaker here which is great for them.)
But the cyclicals? No thanks. Too hard and the auto action scares us too much.
We love the banks. We love the drugs. We like a lot of stuff, save the heavy cyclicals.
You know I like the horses. We went to the Kentucky Horse Park last week outside of Lexington. Great place to take kids by the way. (We were visiting Kentucky to help out a great little school named Berea that has helped poor mountain youth for more than a century and a half.) Those of you who share my love of the ponies know what a "breakaway" feels like, when
(who still looks great by the way!!) or
(also looking great) just pull away in that far turn and you are holding the winning ticket.
Would you sell that ticket now, or would you watch that stretch, that beautiful stretch, that wonderful stretch where you know you are going to win? Don't you wish that moment could last forever?
Enjoy this far turn. It will be awhile before we hit the finish line and have to cash in the tickets.
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 of the 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