"Don't bother me with that purchasing managers garbage -- I'm busy buying the Net!"
Yep, a whole new generation just doesn't give a darn about stuff that used to tar and stuff the market with impunity. At our shop we immediately hit our bids in banks when we see a number like the strong purchasing managers report that came out moments ago. But the Net? No way!
Those stocks don't skip a beat on this macro stuff. In fact, the people who trade these stocks probably think the purchasing managers thing is no different from M-1, which is no different from the GDP deflator or a lot of other doodads that use to control trading for us old codgers.
Economists better go get themselves real jobs. The new generation just doesn't care about this stuff. I love it!
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. 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