Two weeks and 700 points ago, I didn't blink. Sometimes that's all it comes down to. As much as I was willing to admit that I blew October of 1998 -- hey, no kidding, if you read the boards, there is a special place in hell for my work last year -- I feel good that the Friday two weeks ago marked the bottom to this tape for the foreseeable future.
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As you mull over what to do with your investments this weekend, remember that while the bottom may have been reached, there is still plenty of opportunity in the market even at these levels.
Right now, I am taking advantage of a body slam to
, a crash in
and a selloff in
Because they are still down a great deal
. I even bought more
Just because you listened to some know-it-all on TV who told you that markets never bottom on Fridays, or when bonds are going down, or during the second week of October, or in months beginning with O, doesn't mean you have missed it all.
But remember, next time, when the talking heads come out and tell you the world is about to end, that, usually, the sun comes up in the East each morning and that those who would tell you it won't, are people you want to bet against, not with.
TV show this weekend. See you on
Fox News Channel
. And to you cable operators who haven't picked the show up yet, I ask the question that my dad asked me: "What's with these cable operators who don't want us to make money? Why do they want to stop us from making money?"
Good question. I knew that a lot of them had crummy service. I just didn't know that a lot of them were against you making money.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Qwest Communications, E*Trade, Tyco and Goldman Sachs. 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