Reversal day tomorrow?
Everybody is getting so wise to this bull-market pattern of run-'em-up Monday through Thursday and bang-'em-down Friday that we are thinking about going the other way.
When all the traders see a pattern and are ready to game it, we like to go the other way. Internally, we expect another huge up day followed by someone freaking out about the Big Bad number tomorrow and a lower trading session. Maybe even dramatically.
Just like a good quarterback, though, who lines up not expecting blitz, and then sees blitz, I am tempted to call the audible, run the screen play and go for the touchdown. Or, in English, bet that it rallies tomorrow and buy any weakness today.
And what stocks? Do I want to buy the food stocks that
Chairman Mario Gabelli
so graciously outlined on "Squawk Box" this morning? Do I want to buy the
that the Street dutifully reiterated this a.m.? Do I want to buy those down-and-out financials?
I gotta make money.
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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