Sometimes you have to take advantage of a macro call to buy individual stocks. This morning Goldman Sachs downgraded the retailers. That's a correct call if you think that consumer spending is slowing.

I like


(TGT) - Get Report

, the old

Dayton Hudson

. I don't like its prospects for today. I like them for next year, because I think the expansion in the Northeast is going to make Target the next

(WMT) - Get Report


So I am buying Target. It is down four because of this call. Could it go lower? Sure? Will I like it even more if it goes lower? Yes. Will I buy more? Indeed.

Time horizon is important to me. But so is price. Sometimes price supercedes time horizon. It forces you to act. If Target is doing poorly that would be one thing. It isn't.

That's why there is opportunity.

James J. Cramer is manager of a hedge fund and co-founder of At time of publication, his fund was long Target. 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