The money flows in May. We have had massive futures buying all day, usually a prelude to a couple of days worth of rally.
When we see patterns like this -- aggressive
futures buying -- it often means that there have been huge inflows and the managers are trying to get "something in" ahead of the actual buying.
In other words, if these managers see big flows they don't want to have to play catch-up with the market. They want to put it to work fast. The fastest way to get exposure is to buy S&P futures. There has been more buying of these today than any day I can remember for some time.
We continue to think that things look quite benign. The inflation numbers we got this morning were of a tamer sort. The tech conferences that we have checked into are all bullish.
It just seems right here.
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