So much for a quiet day; I didn't count on a bum two-year auction and a total lack of buyers based on the poor bond market. Looks like we are back in that manic-depressive mindset.
All I can tell you is that we walked out of the office feeling terrible about our buys in the last hour, but that the only pattern in these markets is that there is no pattern! I just finished the chat on
and was running down things with Jeff Berkowitz and we both felt the same: it comes down to the bonds. If the bonds firm, what we bought -- banks, telco, drugs -- will look great. If the bonds keep going down in price -- up in yield -- then the buys will look not so hot.
We always try to create a world view on bonds internally, precisely because they are so important to the investment firmament. While the bonds have acted quite poorly, we believe they have backed up enough to create interest. If they didn't, we would have bought nothing and we would have let the market fall.
We will see. I do feel that my avoidance of personal computers in favor of other areas is working for now. But that
I bought. Ouch!
See you on Squawk.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At the time of publication the fund was long American Online and Chase Manhattan. 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 an email to email@example.com.