Go back to the
article I wrote this morning about everyone being out of position. That turned out to be totally true. The shorts were leaning the wrong way on the Net.
had lowered expectations to where nobody was recommending it. (You don't get all of those upgrades because the analysts are stupid. You get them because they were bagged by management into using lowball numbers. It is a brilliant tactic, but it makes analysts look pretty stupid.)
Plus, the Street expected a quiet nonevent expiration, one where there was nothing to do. As the bond market didn't really get moving, people didn't expect this rally to have much follow-through.
When everyone is leaning the wrong way you get a really explosive, explosive move. That's when you get the biggest switch. Usually it does not get settled in one day. People cannot position themselves correctly in one day. If they are short, they have to cover (unless they really believe nothing has changed.). If they are on the fence, they will have to get in, and are right now hoping that
really lets loose against this market. Unlikely. And if they are partially long, the market never came in enough to give them a chance to buy today. I know I waited all day to buy
hoping for a single quarter-point downtick to make my move.
I didn't get it. I missed it.
Lots of people didn't "get it in" today. If Greenspan doesn't give these people a chance tomorrow, I believe they will have to come in anyway.
Which is why I like it here.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Oracle. 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