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Offerings at the 30-Year Altar

This bond-market rally is the first sign in some time that terra firma is near.

So, I go over to

Jeff Berkowitz's

screen and, wouldn't you know it, he has the wrong one up. He's looking at stocks. My eyes are glued to the bonds. The bonds are putting together the first back-to-back rally I have seen during this horrendous period for fixed income.

The stocks are your rearview mirror here and the bonds are your windshield. Unless you're driving in reverse, you're looking the wrong way if you are watching the stocks.

I'm in a tick-for-tick mode with the bonds, following the 30-year as it has climbed to 88-18 from 88-12 since the stock market opened. That's music to my long ears. We need to see the bonds put in some terra firma, and this is a good start.

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The bond traders are like harsh pagan gods that need to be appeased by bloodletting, angst and ultimately losses. Once the losses have been sufficient and the bleeding profuse, the gods are appeased.

There, bond's now trading at 88-19; looks like these pagan gods have had their pain quotient.


James J. Cramer is manager of a hedge fund and co-founder of At time of publication, his fund was long the long bond. 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