Next thing you know, people will say that we have to bet on the
because the market is going down!
Painful how one day is meant to mean anything at all, isn't it? The market was doing just fine until a massive futures program came in, one that caught a lot of people looking the wrong way. But I, for one, am glad the market did not take off to the upside. I want this market to be a little more realistic and less rosy. We need more bears. We need more people betting against the market.
Days like today bring out those bettors. There will be people who will say that the intraday reversal was devastating and that you should buy puts. There will be people who will say as
goes, so goes the market!
Not every day can be a win. Not every day is a loss. Like in cards, you occasionally get a push. Today we had a push.
That ain't so bad after the
gains from last year. Expect more pushes. They do wonders for the bull case down the road.
James J. Cramer is manager of a hedge fund and co-chairman of TheStreet.com. At the time of publication, his fund was long America Online, though positions 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 by sending a letter to TheStreet.com.