Stop me before I take stock again.
I just grabbed 5,000 shares of
at 41 1/4 and am bidding 41 plain for another 5,000. I decided to seize the moment when I saw
ramp up and out of their morasses.
Now an offering the size of a house surfaces at 41 1/2 and I sense that I was overeager, but I had to make a move, I had to get some in when the tape turned. My thinking: The guy weighing on it, unless he is blind, will see that the rest of the market has now ramped and all of those hedge-fund shorts are getting squeezed.
This is a vulnerable move. Much of this ramp has been futures-related. When the futures die down the seller might come back and slam this stock back to 41.
But if I am to recover from this broken trade I feel I have to make a move now. Discipline? Research? Gut? Whatever.
Red Hots romping. Figures.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Nortel, Microsoft and Cisco. 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