Strong economy; weak economy; strong economy; weak economy. Where it stops only the long bond knows. Today, the cyclicals, as represented by the

Morgan Stanley Cyclical Index

, are getting clocked. So are the more consumer-spending-oriented tech stocks.

And what happens when you get that kind of punk action in economically sensitive stocks? The bonds rally. (Of course, this is a chicken-and-egg dilemma if there ever was one!)

In the meantime, as a lover of the financials, I am trimming them last. I have raised enough cash that I need not fret if the bonds are too right, meaning that the techs and cyclicals won't make the numbers. Still, this is not an easy day to figure. Not-so-hot "internals" -- meaning the advance decline -- coupled with a down day for the utilities spells a day too hard to put a spin on.

Might be like an


game. Gotta wait till the last five minutes to figure out what to make of this session.

James J. Cramer is manager of a hedge fund and co-founder of 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 by sending an email to