Real Opportunities Swarm

Also, Cramer comes to the defense of ex-Merrill Lynch analyst Thomas Kurlak.
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Come on. Let me in. Let me get some stock. Send the market lower.

Yeah, hoping for the market to come in isn't how I like to play things. This may be one of those days where we at

Cramer Berkowitz

have to buy things up a dollar from yesterday because this

PPI

number now makes a strong coming week seem likely.

Fortunately, there is some

Applied Materials

(AMAT) - Get Report

bear story -- which I think is bogus, but I don't own any -- that is weighing on tech and allowing us to get in at reasonable prices. I am also picking at some beat-up retailers that are up marginally.

On the tube, someone is discussing how we now have to worry about the

CPI

. Give me a break! I hope they keep spreading that canard since it will enable me to get longer. That negative chatter, plus the typical Friday selling, could create a real opportunity today.

The market is up less than I thought it would be given the selloff at the bell yesterday and how the bonds are acting. (I have now sold all the 30-years that I bought yesterday to book a good gain.) So we are buying what's coming in a tad here. This PPI takes much of the sting out of whatever the

Fed

does.

Some of the best buys in our minds are those stocks that the

Merrill Lynch

PC analyst knocked yesterday. That cohort seems ready to rock to us. (My apologies to the Merrill household goods analyst. There was some confusion yesterday about which downgrade I was speaking of. I was -- and still am -- going against your PC analyst, not you.)

Random musings:

As I am frequently offering critiques of other journalists, including some of my faves like Charlie Gasparino at

The Wall Street Journal

, I would be very remiss to ignore

TSC

. Since I'm outside the office, I figure I can lob a comment across the fence from time to time.

In the article

Summer Upgrades of Intel as Predictable as the Summer Blockbuster that appeared last night, there is a line which describes Thomas Kurlak as "a respected Merrill Lynch analyst until he ran for cover to hedge fund

Tiger Management

in February after he failed to spot Intel's rise in time for his clients to score."

Here's the problem as I see it: For my taste, Kurlak left at the top of his game to go to the best hedge fund (over a 15-year period) in the country. So the idea that he "ran for cover" is hooey. You could argue that I am being subjective about Kurlak's game -- I'm a longtime fan -- but he was by far the most powerful chip analyst at the time of his departure.

More importantly, both factually and analytically, I am looking at a buy recommendation on

Intel

(INTC) - Get Report

made by Kurlak on Dec. 23, 1998, when the stock was trading at a split-adjusted price of 59. Yes, Kurlak did concede at the time that he had missed a 60% gain in the stock, but he asserted that it was not too late to catch a similar -- if not larger -- gain.

It was one of the gutsiest calls I can ever recall. Hence why I remember it to this day -- because Kurlak admitted he was wrong but felt that he had to eat crow because there was so much more money to be made.

The biggest rap against analysts is that they never admit they're wrong and never change their minds to make you, the client, money. Kurlak did both on that particular call.

The stock is now up a giant clip from that call. For him to be blasted in our pages for not liking Intel is Wrong!

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Intel and Merrill Lynch. 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.