How do you spell relief? We are using this rally, right here, right now, to reposition out of stuff with no earnings into stuff with earnings. We want multiples to earnings before we want multiples to revenue.
It is a pleasure to be able to sell things as the market is going up. We aren't just giving the stuff away and we can redeploy capital in beaten-up names that we think will report stellar earnings very shortly.
Not stellar revenue.
The margined guys are all in the revenue stories. We need that blanket right now. We feel too naked without it.
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