Once, Twice, Three Times a Rally - TheStreet

Did the

Fed

loosen or tighten?

Can I tell you what a delight it is to see the market rally so we can be free of the ignominious dogma like "three steps and a stumble" (or some other authentic Wall Street gibberish).

Ever since I got into this business there were always these people who would come on TV or be quoted in the papers with these pithy bearish maxims that would spook otherwise rational-thinking people.

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The most important one was that when the Fed tightens three times, look out below. I don't know, we just had another tightening and this market is roaring.

Looks like another stupid rule just bit the dust.

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

jjcletters@thestreet.com.