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The Post-Mortems on the Day

Upon reflection, the trader was Wrong!

The best plans don't survive contact with ... your friends? My desire to get the exquisite buy point, one predicated upon someone being disappointed, was ... early? Slightly off? Maybe not perfect?

How about WRONG!

Once we knew that there would be no disappointment today, we managed to call an audible -- communicated here simultaneously with the decision -- but we missed some easy pickins'. And I like easy pickins'. I like to buy them when I can, not when I have to. Today I bought them when I had to.

We have already had three post-mortems about how we got thrown off by such a friendly


. The first was on the fly, saying "Hey, better than we thought. 'Fess up and go." The second, with 15 minutes left, said "drugs and tech" do best in a benign environment.

The third was the general recrimination that comes from acknowledging that we were not opportunistic enough and were blinded by concerns about basis points, not bias. In fact,



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Dave Kansas

, gave us the heads up that bias could go the better way just last

Friday evening in a column that I read because I don't go to the Hamptons!

Compounding things was our fear, late in the day, that


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was going to have some sort of conference call and nobody knew what it was about. That distraction -- the call was benign, or maybe even a little positive -- caught us looking the wrong way during the nanoseconds that you could still get in.

Going into a fourth post-mortem now. Lotta recriminations for a decent day in the market.

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