People put money to work this week. I know, that seems like a pretty simple analysis. But the money that was on the sidelines got flushed in and supply and demand worked the magic.
For the past two months we have had no new additions to the stock market's supply of shares. But boy, have we had retirements. If you were on the
call, you would have heard about multiple billions of dollars being put to work to buy stock. Same with
. Same with
. Massive amounts.
So when fund managers like Mssrs.
put money to work, the shares they went to buy were a little more scarce than we thought.
Today, of course, was also expiration. There was so much money bet against a big close -- all of the honchos told me the market would be better to sell when I asked earlier in the week (glad I didn't share that worthless piece of info with you) -- that you expect that the momentum could not be contained. Still, this was a strong tape, with real buying.
I think people in
poll were too negative. I think they underestimate what
can do when he is on the case. This guy has been the Fed chairman during the greatest run in history. He doesn't want the market to go to new highs. But he doesn't want it to fall apart. He has the power to avoid the latter.
James J. Cramer is manager of a hedge fund and co-chairman of TheStreet.com.
At the time of publication the fund was long Intel, 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 by sending a letter to TheStreet.com at