I'm Not Buying This Open

Be darned if I am paying up here.
Author:
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Well, you can always buy

Komag

(KMAG)

!

Yeah, these market makers sure make it tough. Everything I want to buy is looking up 3 already, except the stuff that is up 6! The stuff that isn't up? Presume toxicity.

You'd think that this

Bear Stearns

money-out-of-stocks call would have some clout, but the public is way too jaundiced about these calls, which always seem wrong. Remember that

Merrill

call last year saying ignore the

Fed

, up your cash? That was a real killer. Talk about costly. That guy still hasn't gotten on board.

Not even the big

Gillette

(G) - Get Report

offering is weighing on this market.

So what do you do? Be darned if I am paying up here. I am going to let the market makers take stocks up to levels where they can bring out some sellers or put out good shorts and then walk the stocks down so that they can bring in their shorts. Remember, nobody has any inventory over a three-day weekend. They have nothing to sell you. So, they take stocks up big and then bring them down when the chasing stops, and the opening buyers are the losers.

Hold it, maybe today will be the day, the first day ever, that this pattern doesn't hold and you have to buy the opening.

Maybe, but I am not betting that way.

Random musings:

Reading

Gregg Wirth's

excellent

article about Net coverage, I was thinking that if I were running research at one of these firms I would call in all of the steel and paper and chemical analysts and say, "OK, ladies and gentlemen, as of today you are Net analysts. Nobody cares about the steels or the coppers any more. Go learn new stocks. You do e-commerce. You do .com infrastructure. You do e-content.

"Go make some clients some money for a change."

OK, just dreaming, but it is what I would do.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At the time of publication the fund was long Merrill Lynch, though positions can 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 an email to

letters@thestreet.com.