The Load Gets Lighter

The anticipated selloff could be more benign than typical overbought selloffs, Cramer says.
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Get me that silver lining -- pronto!

Yep, you have to remember that the

Fed

is loathe to tighten when there is international tension of an important ally, especially because we almost took Mexico apart in 1994.

That could cause the selloff to be more benign than typical overbought selloffs. You can't have a very nasty selloff without fears that the Fed is your enemy. The territory is just too peaceful. Except for the usual suspects --

Telebras

(TBH)

,

Telmex

(TMX)

and the banks, which have great experience in Latin American turmoil but get sold down nonetheless.

For me, the quandary is Net strength. The market seems to like

Amazon.com's

(AMZN) - Get Report

extension and is gratified by

Oracle's

(ORCL) - Get Report

e-commerce rap (which will be reiterated tonight at a big meeting). I know the Net likes good bonds.

But it abhors supply, and there is still a ton of it.

All I can say as someone who has been carrying this

Yahoo!

(YHOO)

on my back like a big steamer trunk is, Whew, the load got a little lighter -- at least for the moment.

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