feels like a terrific
offense. Today, it looked like it was going to be thrown for a loss, with tech causing the fumble. Now, as I write, I see good leadership from tech, banks, drugs and the cyclicals. That's like a good running, kicking and passing game with nice defense -- a solid bond backdrop to boot.
For me, there are certain tells of health that I love to see and I am seeing them today. For example, I love it when I am long the market and
goes higher. GE is the quintessential cyclical and financial -- two, two, yes two good tells in one. Today, it has gone to new highs.
When I first got started in this business we used to watch
. If GM hit a new high, it was the perfect bellwether for the future performance of a lot of stocks. GM was that important to the market. GE is like that now. I like to see the brokers hitting new highs, too, as they are perfect leaders. They are screaming today. Of course, I don't want the tech leadership going against me, and it isn't. And while I am not a huge believer in watching the transports, the fact that they are doing fine is a positive.
Does this all mean Dow 10,000 today? I hope not. I pledged to go on
if we get it, but I am expected home for dinner. I know, dinner at home doesn't fit the
image, but it is something I like to do.
Don't you love how people have twisted
words into a tirade against "trading"? It isn't trading he regrets, it is selling; he needed to be longer better-performing stocks, including some he let go. And where are those silver bulls he created?
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At the time of publication, the fund was long General Electric, but positions can 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 by sending an email to firstname.lastname@example.org.