Not in the Bears' Game Plan

Things just did not go the bears' way these past couple of days.
Author:
Publish date:

What the heck? You mean the employment number was cool? You mean the Kosovo situation won't interrupt the bull? You mean the futures are up big? You mean it's going to start going up again?

Yeah, it just didn't break the bears' way this three-day weekend. We just didn't get that wild-high growth in jobs or a giant-sized increase in wages. Bonds, which had been signaling an imminent increase in rates, rallied. Big. That certainly wasn't in the bears' game plan. They had been banking on that big decline in the utility index to show that the next move in rates was up, not down. Oh well, can't always be right, I guess. And despite the insistence by the press that we are going in with ground troops, it hasn't happened yet. Meanwhile, there were no earnings blowups and we are in regular reporting season. Even

Iridium

(IRID)

got a contract! Looks like we are home free for now.

In the meantime, the Net keeps getting all of the breaks.

Barnes & Noble

(BKS) - Get Report

might be blocked from buying

Ingram

, which would be hugely positive for heavily shorted

Amazon.com

(AMZN) - Get Report

. Heavily shorted

America Online

(AOL)

is looking up 4 for who knows what reason. And heavily shorted

DoubleClick

(DCLK)

just split, something that works in the magic land of the Net.

Looks like another day when the bears were just plain early. I guess that's fine. They may be wrong when it comes to your money, but they are just early when it comes to their predictions. Hang on, put out more shorts, average up and you will do just fine. I mean something has to go wrong sometime, doesn't it?

And unlike broken clocks, the bears weren't even right twice a day!

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long America Online and DoubleClick, although positions can 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.