There has never been a good-looking session in all of the years I have been trading. If the advance-decline wasn't great, it was the transports that disappointed. The bonds and the
may have been up, but the techs in the
gave up the ghost. Many stocks may have been roaring, but the financials had no traction.
Oh sure, occasionally there would be a solid nine-to-one up day, but that would be followed by a miserable session and the follow-through police would pronounce there to be no follow-through. Or when it looked like things were simply off to the Moon, the very next day, a couple of high-profile stocks would lose their shirts and the commentators would be turning the hoses on full blast.
That's why I laugh at the
talking heads. That's why I think it is all so funny. Because in the years since I bought my first stock, the market has gone from 700 to 11,000 and there has never been a consistently good market.
My conclusion, unlike the one drawn by most people, is that you don't need beautiful session after beautiful session to go higher over time. In fact, "follow-through" is a bit of a joke. I mean, what kind of follow-through have we had since Dow 700? Yet look where we are.
Sure, you wish certain sessions would finish stronger, or better, or with more alacrity or with a head of steam. But take it from me, it just doesn't matter. It is no more important than hemlines,
Super Bowl victors and the last digit of the Dow.
Sorry. No sense finding patterns where they aren't. There are enough good ones that make sense. We don't have to make up others.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. 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