Optimism Doesn't Count in This Tape

No matter where you look, you can't put a good face on these numbers.
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OK, enough Pollyanna talk. I would not trust any rally from these levels. With the SPX at its highs yesterday and the Dow perched near 11,000, we really don't have any room for the bonds trading at 6%

When the big-time strategists, the honchos who call the shots at places like

Morgan Stanley

(MWD)

and

Merrill

(MER)

et al., come to work Monday, they are going to savage this market. They are going to say, "Get out, interest rates are too high, wait for them to come down."

They will be staring the

Fed

in the face Monday (before the Tuesday meeting), and nobody is going to stick up for this market, not here.

I am hiding in the cyclicals, but believe me, we can't put a good face on these numbers. We are anticipating that the Big Think analysts will bring out their hatchets Monday, and we don't want to be pole-axed.

On strength, we are lightening up on anything remotely interest-rate sensitive, and I am including more than just banks. Anything. Come Tuesday afternoon, these stocks will be lower.

Period.

End of story.

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

letters@thestreet.com.