People got pretty bearish over the weekend, I guess. Seems a little silly. We have stood there and bought this opening in its entirety. We are spec'ing on IBM's (IBM) - Get Report meeting tomorrow -- doing so usually works. We have bought 50,000 Cisco (CSCO) - Get Report from the Barron's bargain bin. And we took some Brocade (BRCD) on the weakness generated by Q Logic (QLGC) buying Ancor (ANCR) . (The latter is a competitor to Brocade.)
I guess we should be more scared. But we see nothing so horrible that it should wash away the whole move from Friday. Most of this down move, like its up move compadre last Friday, is done on no volume. Zilch. With the exception of our Cisco buys, we stopped the declines with buys of 5000 and 10,000 shares.
Bizarre. This is usually one of the biggest weeks of the year. Lots of deals. Lots of meetings. Lots of commentary. Maybe the market is taking its cue from the weather. My screens feel like August.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long IBM, Cisco and Brocade. 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