Publish date:

The Big Bad Event Has Passed

And now it's time to dabble on the long side, at least until the next BBE arrives.
Author:

Seems like a long-side window of opportunity to us. This market trades off of Big Bad Events, and we don't have another BBE until Friday's PPI/retail sales.

Remember my

piece about BBE? People stay on the sidelines until a potential BBE, like the one this morning, is finished. Now that it has passed, the opportunity to dabble on the long side can't be debated. It has to be pursued. Forget those

AIG

data numbers. What matters is that the freeze is over, and money goes to work.

Good signs I am seeing:

Quantum

(QNTM)

blows up, and the damage is contained to the disk-drive sector and hasn't infected the rest of the personal computer stocks. The

Cabletron

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boss resigns and the stock goes up!

@Home

(ATHM) - Get Autohome, Inc. Sponsored ADR Class A Report

, a real hurting pup, is going up.

Oracle

(ORCL) - Get Oracle Corporation Report

stays up!!

You have to like what you see.

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