Bears won't give up this easily. They have to make a little more trouble for the bulls. That said, what a pleasure that they didn't "fade the opening," which has been the pattern.
When you fade the opening, or open it high and then knock it down, you take out a lot of buying power. You also get rid of the optimism necessary to mount a real rally.
This kind of opening is much better for the bulls. We put money to work on the brief downturn. Now, we await a bear showdown that we think will be won by the bulls.
Keep in mind that everything I wrote above can be in the context of
piece this morning.
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