Gearing Up for the Big Guns

Cramer's getting ready for the upcoming earnings reports, but he's also a bit nervous about the market's recent bull run.
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Why am I so nervous as I come to the keyboard this Sunday night? Part of it is that reporting season begins, and at Cramer Berkowitz, that is battle station time.

I took off this week last year, and I paid for it. You have to listen to these conference calls and get a gist of what the big guns that report this week and next are saying. That's eight weeks a year that you have to clear the decks and do nothing but sort through calls and hold companies accountable. I was out of the loop for July and August because I missed this week.

With each conference call, there is the obligatory follow-up with key analysts and then the back-and-forth with traders to try to figure out what the real buzz is and what may be just corporate spin.

But I don't think it is just earnings period that gives me angst. I think it is the too-good-to-be-true aspects of the past few weeks in the market. We took the

Fed

out of the equation when it went neutral, and this week we have a ton of macro news that could reignite the debate about whether the Fed will have to tighten again.

I don't want to out-think this. I don't think they will. I think that stocks with good fundamentals will keep going higher and not succumb to profit-taking. Nevertheless, I am a nervous bull because so many short-sellers have covered their shorts and I don't know a soul who thinks this market won't go higher.

It gets worse. Every time I am bullish, I get a ton of email, some of it even civil, saying what a brainless idiot I am to be long and that I will be trounced. I always say the same thing: I welcome you to bet against me. They always say the same thing: You bet.

This week, three of these antagonists wrote me to tell me they were wrong and want to apologize. They covered this last week.

Yeah, that's what scares me. There's not a bear in sight. I am more comfortable with a den of bears growling than with this forced hibernation.

Yet, I am still long. Just like everyone else. We need one of those archaic monthlies to tell us to get out of equities, like

Money

did about 5000 points ago. Or we need to get those David Jones types on to scare us about bonds, as they are unrepentantly wrong. Or how about

Merrill Lynch

coming out and reiterating that this market stinks to high heaven, as they have for the last 4000 points.

Whatever. I do know this: When Merrill Lynch turns bullish on the American stock market, I want out of here. (LOL)

Random musings:

So

TheStreet.com

is going to do Truth Serum. That's the greatest

news ever. I can't wait and I hope to incorporate your truth serum into my few minutes on

Fox

. There is so much horrible rumor-mongering around, most of it designed to get

you

to take a rock creature out of his position. I can't wait to see what happens the first time someone loads up on a huge amount of

Cabletron

(CS) - Get Report

calls, then calls one of these hotbeds of journalistic ethics, gets it written up and

nobody buys because it is all phony

. Then the Aegean Stables will be cleaned. ... Wrestling with my role on "TheStreet.com" show. I have skeptical

Herb Greenberg

to my right, so no need to play the tough watchdog, but the chat page cheerleader has never been my style, either. Just going to play it straight. ... Shocking news:

Comcast

(CMCSA) - Get Report

, where my dad lives in Philly, isn't taking the

Fox News Channel

or the

TSC

show. Philadelphians, how's about we show Comcast that they can't do without us!

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

jjcletters@thestreet.com.