Today's performance did nothing to embarrass the bulls, and didn't give the bears much ammo. I came in worried that everybody just seemed so darn complacent. The
had just had a giant ramp last week, and it seemed logical we would walk into some profit-taking.
We did, for a couple of minutes. But then the strong stocks got stronger and the weak stocks got weaker still.
One thing is for certain: The sellers of these cyclical stocks, like the papers and the steels, really must believe that some sort of recession is in store. These stocks are selling at prices I didn't think possible a few weeks ago.
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But the same could be said for the food stocks, which also are supposed to go
when we think that a recession is coming. Never have I seen a market give more contrary signals than the signals these two groups are flashing.
The charts of
might as well be the same!
The only explanation for most of the activity I see every day on my screen is that people want tech and nothing else. And they will sell anything else to raise the cash to get tech on their sheets.
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