Reasons to Believe

It's a mess out there, but there are a few positive signs.
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Hate to be a pollyanna here, but there are some encouraging signs vs. the morning. That could be the margin clerks taking the early action that I

mentioned, but get a load of these positives:

    Ariba (ARBA) , after taking a nasty late-morning dive, is now rallying nicely. Vignette (VIGN) , one of the worst-acting highfliers, has mounted a vaunted comeback. Applied Micro (AMCC) , one of the most volatile names I follow, is ramping.

OK, I am quitting while I am ahead. But it does seem like the selling has run its course because the clerks finished early.

Mutual funds won't like to finish this day on a bad note. They would like to put cash reserves to work and mark up their faves so they attract more cash and fewer redemptions. They will build on this rally to

walk up

select big positions. That way, they can put on a bullish face to marketing.

Sorry, it is a cynical game. That's how it is played. It is why you have to buy a crash, not sell it. Same as '87.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. 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.