Last Week's Problems Are Still with Us

Cramer can't find anyone in this market with any conviction.
Author:
Publish date:

Looks like last week's problems are still with us. Until

Lucent

(LU)

and

IBM

(IBM) - Get Report

turn around, the market seems to be stalled. Not even a story floated about IBM possibly splitting could save Big Blue from being Black and Blue again, and for Lucent, it looks like

Gary B. Smith

may be right in the short term about that one. Painful for me -- I am long them both.

Otherwise, it just seems like the programs are just whipping the market around to and fro. Nobody has any conviction. Strangely, the banks, last week's fall guys, seem to be holding on to tenuous gains, while the foods and drugs seem oddly indifferent. With the banks, I am looking for the eventual separation of the

BKX

, the bank index, from

TBH

(TBH)

, the tracking stock of the telephone companies of Brazil. That would be a positive sign, but one too early to declare victory on.

The toughest for me were

Procter &Gamble

(PG) - Get Report

and

AT&T

(T) - Get Report

. Both didn't blow numbers away. Both didn't disappoint. Not enough there for a trade, I am afraid. Nice metaphor for the day.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At the time of publication, his fund was long Lucent and IBM, 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.