The Bull's Best Friend - TheStreet

The Bull's Best Friend

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What's this? Bonds going up and stocks going up? Could this be the end of the systemic risk period? If I didn't know any better I would think that this market is, well, uh, maybe, I mean, ooh, uh-oh, a bull market?

OK, bull market for a day. What gives? I hate to crib from

Justin Lahart's

excellent

article today, but this break in the dollar seems like the real thing, which means that a ton of my companies that are reporting now -- companies that are losing fortunes because of the strong dollar -- will soon be able to tell a better story. If the dollar stays down here, I can understand why the drugs could fly. I could understand why the tobaccos work. The autos make sense. Maybe this is why my

International Paper

(IP) - Get Report

short didn't work and why my

Xerox

(XRX) - Get Report

puts are going to go out worthless.

I don't like to pin too much on any one change in the landscape. After all, we did have good forecasts from

Intel

(INTC) - Get Report

and

Compaq

(CPQ)

today. But the dollar's weakness is the kind of fundamental underpinning that gets you to spin a better story. Anybody reading the

Pfizer

(PFE) - Get Report

release today knows that the dollar killed these guys. Same with Intel and Compaq. Same with

Coke

(KO) - Get Report

tomorrow. You can make a case that no matter what number Coke reports, the next number will be better because of that weak dollar.

It is enough to give someone hope. Hope is the enemy of reason. But it is the bull's best friend.

James J. Cramer is manager of a hedge fund and co-chairman of TheStreet.com.

At the time of publication the fund was long Compaq and Intel and had puts on Xerox, though positions can 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 by sending a letter to TheStreet.com at

letters@thestreet.com.