Euphoria and depression: two sides of the same coin. I found myself thinking today, Hey, Jan. 8, I am talking about buying
up 4, when on Oct. 8, I was talking about selling down 4. Wait a second!
Which is why it is better to step away and take a deep breath. No way you can make any money buying Cisco up 4 or selling down 4.
Obviously the opening was euphoric. But what I like about this market is that after the smoke clears, they keep letting you in. They had
up 10 at one point, and then it was up 2. Someone more nimble than I am could make a fortune scalping a point or two, and I am envious as I need 10,000 shares to make it matter, and that's simply too hard right here.
In the meantime, there is some good news away from the Net. The folks at
are doing things I can't believe.
The people running the banks and the financials are bouncing back from the summer problems with alacrity. In fact, the only downside surprises keep coming from those old faves, the foods and the drugs. Both of those look
! Looks like what used to be safe and noncyclical is now dangerous, and what used to be dangerous and cyclical is now safe!
Perhaps the most ironic thing about this market is the shock, the disbelief, the utter horror of the severe
in the last few days. Yes, I am being sarcastic. Never has a stock done so much for so many, and yet -- talk about a "What have you done for me lately?" situation -- people are exasperated that it hasn't kept pace these last few days. I have heard people say that AOL is losing favor because it doesn't have broadband. I have heard people say that it has problems because of transitions from the mid-cap to the
. I have heard people talk about an S&P jinx!
Here's my take: Give me a break! Even
has a bad game now and then. You want to short him because of that? To me, I am waiting till he retires to short him. As long as he is playing, count me in as a buyer on those bad games. (Isn't it great that we no longer have to distinguish him from that underperforming
Yes, I know, the site has been intermittent. Yes, I know, reliability is everything. But short of a
Paths of Glory
-like solution, where we take every tenth tech guy out and shoot them, all I can say is we are doing all we can. Hmmm, kinda like that
Paths of Glory
alternative now that I think of it.
James J. Cramer is manager of a hedge fund and co-chairman of TheStreet.com. At the time of publication, his fund was long Cisco and America Online, though positions 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 by sending a letter to TheStreet.com.