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No Man's Land

The trader's twiddling his thumbs. But he can see the 2:11 p.m. border from here.

Let's see. I can run to the drugstore. I can go get ices. I have already changed the hangings on my wall and straightened up my closet. Oh yeah, I can shop for a car online, as my wife can't even get a call back from the Volkswagen people.

Anything but buy and sell stocks.

We are in no man's land here.

But we won't be at 2:11 p.m. Just to flesh out again, in light of this


Chicago Purchasing Managers' Index

, we can't rule out 50 basis points.

Personally, I think there are enough people out there who feel that this increase would be OK, that I want to buy any weakness (as I said over the weekend). In fact, 25 basis points may be just so-so now. It will just unleash a tsunami of commentators saying, "We will have another 25 basis points next month and then maybe another. "

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I know


got a compelling story with a 50 basis point rap. That takes the


out of the picture for the rest of the summer, which would, again, allow us to focus on earnings, which are right around the corner.

In either case, we still expect someone to be disappointed and we are readying the buy list for that moment.

James J. Cramer is manager of a hedge fund and co-founder of 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