Could the market be so cruel as to make a bottom on the day Ralph Acampora throws in the towel on Dow 12,000 around the corner? Could the averages be so rudely ironic? Could the Bull Gods be so mean and vicious?
In the meantime, we see that most of this selling was pure program-related. The programs took us down; they took us right back up. There has been very little "real" selling. Real selling, just so we are on the same page, means that brokers are coming in to us and saying they have major six-figure merch for sale, such as 100,000
. We are simply not getting those kinds of calls. Instead we are getting "small buyer
" or "a little piece of
In fact, the only big print I saw was a giant "take" in
, meaning that someone had to pay up to get a lot of stock in.
I know this market is no more fun than getting stuck in traffic. My advice is that you simply can't let it wear you down. You can't make it so that you throw up your hands. Reach back to some of those nice days, days I urged you to bookmark, where the money was easy and remember,
they will appear again
Sure, October is around the corner. Sure, we have to worry about October. We always do. But I do not think a large drop is going to come from this particular level. I am glad for my little buys during the maximum moment of despair. I am not taking the gains now on anything. I am letting everything run.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Tyco and America Online. 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