Ouch! This Selloff Smarts!
What would this market look like if
Greenspan
hadn't
been reappointed? Ouch! Down 240
Dow
points and 120
NDX
points, we get a little bolder. We leg into a little-trashed
B2B (like in the
Rotisserie League
). Twenty-five hundred here and 2500 there.
We took down some
IBM
(IBM) - Get International Business Machines Corporation Report
, which is hardly a Dow dog and makes a ton of sense to us now that the Y2K bug is something that
Terminex'd
TheStreet Recommends
.
Join the discussion on
Cramer's Latest.
B2B Forum
.
We eyeballed
Siebel
(SEBL)
, but didn't pull the trigger (like when
Stuart says "Buck, Buck" and flaps his arms after
Mr. P
won't buy 500 shares of
Kmart
(KM)
). We got whacked on some
EMC
(EMC)
,
Compaq
(CPQ)
and
Motorola
(MOT)
.
Jeff Berkowitz
doesn't even want to posit when the selloff might end. Me? I am strictly a "buy'em when you can not when you have to" kind of guy.
Meanwhile,
FreeMarkets
(FMKT)
gets halted. Oh please, new managements -- figure out how to do this stuff better. Whatever the stuff is.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long IBM, EMC, Compaq and Motorola. Cramer's fund also may be long or short certain stocks in his B2B rotisserie league or Red Hot index. 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.
