Look at this tape right now. There is a vicious, loud and large sell program going on right now. But nothing is happening. That's because today, for whatever reason, there are real buyers. I cannot tell you why there are real buyers other than to say that some people want to own stock ahead of a rate cut.
But this is what I am talking about in my
bottom piece. If I wait to buy when there are no real sellers, I can't get anything done. I end up paying 88 for
. Yesterday I could buy.
Which is why I emphasized the need to be opportunistic at its most ugly.
The bad news: Nobody is making any money in any of these financials save the savings and loans, which are working because of the prospective rate cut. The good news? Everything else is working. I can't wait to buy when everything else is working. I have to buy on days like yesterday when real sellers coalesce with program sellers to create bargains, a la
that I spoke of
I will be reprising my
column of this morning, but I cannot guarantee that I will get it done tonight, as my wife is telling me no more Friday night filings. I can't blame her.
James J. Cramer is manager of a hedge fund and co-chairman of TheStreet.com.
At the time of publication the fund was long Anheuser-Busch, 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