I figured the
would cross the
averages someday. But I figured the work would be done by the likes of
to the long side, not
to the short side!
As everyone continues to send me emails warning me about when the
disease is going to infect the healthy Nasdaq, I keep pointing out that the components of the S&P, away from tech, seem to be much the worse for wear.
Right now, all of the other companies that are being hurt like P&G are issuing statements saying they aren't seeing it or they can pass on their price increases.
Oh, give me a break! P&G is a really great company. If it can't pass on the costs, if it can't adjust, how are companies without the technological savvy of P&G going to get by?
Shortfalls: 1. Denials: 0.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Cisco Systems and Sun Microsystems. 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