Darn real world. Darn
. Darn foreign exchange. I mean, what's the deal? We were doing so great just trading on press releases, and now this? Now this real band, or Band of Gold, or whatever? Ain't those Brazilians ever heard of the Net?
Yeah, it's back to August, with those wild and crazy futures in control. Sure looks awful. But what can I say? This selloff is what gets that
griddle more like that giant Garland grill at one of your better restaurants. Nothing like a little futures down limit to freak out the bulls and ramp up the put buyers.
Before you feel the need to go back to bed, remember how we got to 9600 to begin with. We got there BECAUSE of all of the brutal pain that we endured. No, I am not
coming with some redemption-through-pain rap. Never liked that stuff. I am, however, certain that the last 1000 points up were on the backs of the bears and the nonbelievers. You could not get all the way up here without everyone being in the pool.
Now we will lose some of those skeptical bulls. These masquerading cows will reveal themselves as antimania realists who knew all along that this thing was unsustainable. They will begin to badmouth this market big-time.
Get ready for the onslaught. Remember that
retrospective I did the other day, the yellowed-newspaper one about the down-4% haircut? I was in a genteel mood when I wrote that and I didn't share with you something that appeared on the editorial page of that very same issue, a fantastic, well-written, extremely cogent, massively compelling polemic urging panic by none other than Jim Grant. The piece, entitled something like "The Coming Bust," or some other evergreener like that, talked about how wrong the bulls were now that the world was coming apart at the seams. Grant's stuff can be so compelling that I dang near crawled into the fallout shelter, and I was reading this piece 1500 Dow points later than he wrote it -- 1500 points that you wave missed, not to mention the thousands of Net points!!
Remember the game: it is to make money. It is not to sound right, or smart, or intelligent or speak with authority. It is not to be the Bard of the Bear. It is to pick your spots, wait for the panic, and buy. Guess what I will be doing today now that the griddle's back to simmer?
James J. Cramer is manager of a hedge fund and co-chairman of TheStreet.com. 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 a letter to TheStreet.com.