Cuts your heart out and then restores it to its original position. Isn't that what it feels like? I just wish they used anesthesia.
At the bottom today we saw massive buying of
puts and puts on
. We saw massive short bets being placed.
Bulls have to be encouraged about the close. It felt different from these other rebounds; it was not as frenzied and hurried. Some real buyers surfaced. I think we are set up, after four miserable, horrible days, for a respite (whoops, I almost called it a rebound).
We saw, for example, a cathartic trade in
, which is the nastiest piece of merchandise out there. We also same real volume at the bottom in
How can a down day be positive? Because the selling finally seemed like it exhausted itself. What we have to find out is whether this was simply
Buzz and Batch pulling some switches in the QQQ pit to bring up their net asset value (yes, these things really occur; no, I can't prove them), or a real selling climax. Too early to tell. Todd-o Harrison, my head trader, thinks it was the latter but Berko thinks it was the work of the Buzz and Batches of the world.
Understand -- before you email me and ask me what kind of service I have that tells whether it is real buying vs. short-covering -- I am a professional trader who does enough business to see and hear flow. It is an advantage of size. There is nothing democratic about it -- except that I pass it on to the site so you can benefit.
: Oh man, people are getting testy. I try to answer as many emails as I can, but sometimes I can only do it with one line. I have people calling me nasty names because of typos! Because of unfinished sentences! To which I say, Hey, take your best shot. Don't bother me none.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Cisco, Sun Microsystems, Intel AT&T Wireless and Applied Materials. 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