Big rally? I know the
doesn't want to hear this, but unless someone explicitly knocks the market at 2:14 p.m. tomorrow, I fear that we may be ready for a broad-based rally led by the financials.
What makes me feel like a rally might be in the cards? Why, it's all of this negativity created by the bad month of January. I have now read so many articles about "as January goes, so goes the year" that I am convinced there just might be some upside coming our way.
All of that so-called history is just garbage. Who the heck cares how January was? Do we really think that each year is the same? That's as stupid as the going short after the
won last year's
. You want to do that? Step up and sell me something. Right now. On the line. Hit me!
Join the discussion on
Again, if the Fed green-lights us -- and anything short of 50 basis points is a green light -- I don't think it is going to be in the heavily "secondaried" names, meaning those dot-com and dot-com infrastructure plays where a couple of million shares get offered and the rest vegetate until you least expect it.
secondaries have so spooked people like me that we don't even want to hear about them anymore. The time when we're willing to be abused by the venture capitalists has come and gone. They can take
and spook someone else with that merchandise.
No, I am talking about the rest of the market -- the part of the market that has huge cash flow, giant buybacks and a management team that can't stomach being also-rans. That's where I see the action residing.
, which I have more than a passing interest in. Here is a stock that just tacked on 18% in two days. Smokin! But was the risk 18% up and 18% down, like the Wes Craven types? Hardly.
Now let's take
Chase Manhattan Bank
, which I mistakenly and foolishly and stupidly and moronically and brainlessly sold yesterday. Is Chase about to pull a Wes Craven on me and shock me with a 3 million-share secondary that will scare buyers from miles away? Are the insiders itching to pull the trigger on their pennies-basis stock? Are there no earnings in the foreseeable future, and do the shares sell at 300 times the company's revenue? I don't think so.
And that's why, going into a Fed meeting where I fully expect the Fed to wreak more havoc on an already-trashed yield curve, I want to own the banks.
Counterintuitive? Yes? But cheap and with managements that have figured out that you don't make bets on the yield curve but you just make money.
Come on, market, sell them to me. Hit me with your Chase and your
. Slug me with some
Bank of America
. I just can't wait. See you at 2:14 p.m. -- I'll have my black tickets in hand.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Bank of America, Cisco and Citigroup. 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