Fed Up - TheStreet

Fed Up

Cramer's frustrated by the market's latest downturn.
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Now we have to play this game all over again. We have to worry about the Friday employment number. We have to sweat the consumption and inflation figures. We have to wring our hands about wages and wild stock markets. We are in



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Darn, I hate Fed Prison. It amounts to a license to be able to spook the market down on nothing. My hope had been for no change to anything, which would have immediately allowed us to focus on earnings.

Let me give you an example. I was thinking that

International Paper

(IP) - Get Report

was so low that it would make for a good trade ahead of the quarter. Now I won't do that trade. Who needs to own a cyclical if the Fed could tighten any minute? This puts me squarely back on the sidelines instead of hogging the line of scrimmage.

Earnings? Now they're just another part of the equation instead of being


equation, where I like them.


It is tough to trust merchandise right here. You want to buy some

American Express

(AXP) - Get Report

after this reversal? I mean, the stock was just up 6 an hour ago. You want to be in


(WMT) - Get Report

now that the big meeting has taken place?

Sure does taint the upside when you have those kinds of reversals.

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