When I traded with my wife, I used to call them "fulcrum days." These occurred after a particular milestone had been crossed -- say, for example,
3000 -- and nothing would ever be the same after these sessions. They were, in other words, pivotal sessions.
After about 20 of these and three years of working together, my wife said something I will never forget: "I have had enough of this fulcrum day %*^!&$@#. There is no such thing. Find me some good stocks to buy or some bad stocks to short, and I never want to hear the word 'fulcrum' again unless we are on a seesaw."
That's how I feel about all of this Dow 10,000 nonsense. So many people want to say that the ramp to 10,000 was pivotal, or the decline back to 9900 was important, or the next 200 points will define everything. To which I say simply: There is no such thing.
Tuesday's ugly action seems like the logical result of mutual funds taking their favorites up too far the day before. Today's action will probably continue Tuesday's correction. Thursday's action may be affected by the holiday-shortened week. Next week's action could be affected by the start of a new month -- and on and on.
I am a huge believer in sports analogies and the power of using them to describe and elucidate the action. But I am not willing to call any session or group of sessions a
or the playoffs or the
That would ascribe the power of the fulcrum to days that don't deserve it. And I would be going back on my word seven years ago to stop identifying fulcrum days where they don't exist. So when I refuse to take some stand on "Squawk Box" and say that if the Dow doesn't go right back up to 10,000 the market's goose is cooked, you should now understand it is my aversion to crying fulcrum that drives my position.
Darn it if the buzz about
auction site is that it is better than
. I am long eBay, and this obviously could present a bit of a quandary since I need eBay to improve its site radically to stay competitive. (Journalists, as troubling as it may be when I say something positive about a stock I am long, it must really drive you nuts that I would write something negative about something I am long. But remember: In your world, I am either corrupt or stupid, so I guess that makes me the latter. In my world, you are either honest or fraudulent, and I think that makes me the former. )
See you on "Squawk."
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long eBay, although positions can 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 firstname.lastname@example.org.