Looking for a Weird Friday Rally

The bears are ringing the register.
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Berko's hoping for one of those weird Friday rallies -- you know, the kind that makes no sense whatsoever, given the swoon in the bonds. He wants it because he wants to put out some shorts, typically on the soft goods, boring defensive stuff.

We often get those short-covering rallies on Fridays as the bears, who are in charge of this session, ring the register to lock in some profits.

Berko's a lovable bear on days like today, kind of Pooh-like (when I don't like it I am more out on The Edge than of the 100 Acre Wood). When I mentioned just now that it wouldn't shock me if we had some sort of ramp here, just cause the market's stopped going down, he said he wanted to bolt from anything that moved up.

I guess I have to play the role of Mr. Sanders, the adult who says don't panic out of the good ones -- mainly anything that is up right now. But I am in agreement that any futures-led rally would be a gift for those of us who would like to own less, not more.

Random musings

: No, I have not averaged down in my bonds. That's not for me. I did not get the numbers I was looking for. To average down would only compound the error. ... May have to go back and reread the

Ben Gould

chapters of

Andersen's

Turn of the Century

(thoughtfully reviewed in today's

WSJ

by Dan Akst) to learn how to put on those big put trades for this afternoon if we do get the rally.

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

letters@thestreet.com.