Playing a Waiting Game

Cramer just can't pull the trigger yet, as he sits back and watches the financials falling apart.
Author:
Publish date:

They are just taking apart these financials Ug-il-ly! I was doing some work on J.P. Morgan (JPM) - Get Report these past few days. I was figuring that everyone knows it was a tough quarter, but by this time, it is in the stock. But I was thinking that at 128. I was thinking that at 118. And now I am thinking that at 108.

Cramer's Latest: Join the discussion on opinion on

TSC

Message Boards. But shareholders are saying, "So what? We don't care." In fact, I don't even know whether people would care if it reported a decent number.

Merrill's

(MER)

stock had a similar progression before it reported an upside surprise, and then it went even lower. If that's the template, who needs JPM?

So I haven't pulled the trigger yet. I figure the only thing that would turn around JPM right now would be a change in the bond market. So I am buying the bond instead. I just nibbled again at the 30-year. It is a heck of a lot easier than playing JPM and may have the identical upside without that downside that comes from an earnings estimate.

So far, my waiting hasn't hurt me. Maybe today is the day. But I just can't play yet.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long the 30-year bond. 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.