I Like to Buy Strength

And forget about those bonds, too.
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Getting real interesting now. We just got out of a long meeting in which my partner,

Jeff Berkowitz

, relented and let me buy 5,000

Xilinx

(XLNX) - Get Report

shares. He is capitulating, I know it!

Yeah, it still looks terrible and this Taiwan outage doesn't help. But bonds are coming back -- I was never able to

buy some -- and down 250 there is always a little something to buy.

On days like today, remember, I like to buy strength. Take

Qualcomm

(QCOM) - Get Report

. Here is company doing incredibly well -- I now like it more than

Nokia

(NOK) - Get Report

-- and I want very much to buy it. Two points from now we think we can make good money. We are almost there.

But we remember all too well that the stock traded much lower just last week. So we are patient. We are willing to miss a snapback move, up 50 points for the market or 3 or 4 from Qualcomm.

Too early to buy. But too late to sell. Got Jeff to admit the latter, at least. And, get this, he just asked me about buying more

Wal-Mart

(WMT) - Get Report

.

He's coming around to my viewpoint.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Qualcomm, Wal-Mart and Xilinx. 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.