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The Scene of an Accident

That 18-wheeler of a CPI number is leaving bond roadkill in its wake.
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Bond roadkill.

Headless deer on the side of road. Squashed squirrel. No maggots yet. But give this position time, and it will grow them.

I wish I could say that the blindside by that 18-wheeler of a


number was painless, that I was transported to that bond heaven immediately, without the twitching and moaning.

But I am still long -- and now looking very wrong. And here I am, hanging from the median strip on I-95.

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So, today will be a tough day. I will wait to see if the cyclicals have some traction after the


sell program smoke clears. No hiding, though. Anything defensive or financial or high-multiple will be hard sledding.

Stay tuned.

James J. Cramer is manager of a hedge fund and co-founder of At time of publication, his fund was long the 30-year bond. 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