Time for the Bears to Hibernate

We got through the anniversary of the crash unscathed, although the ursines won't admit that they were wrong.
Publish date:

Wait a minute! It is the 20th of October. We got through it again.

Join the discussion on


Message Boards. Last week at this time, we were already panicking about what would happen yesterday. The 12th anniversary of the crash.

And what happened? We had a fine day until the rumormongers in the bond market started spreading nasty rumors about an instant tightening.

Still, it was an up day, and it was capped by a beautiful

quarter by

Mister Softee

(MSFT) - Get Report


The market's memory for fear is extremely limited. We were supposed to crash this week, weren't we? Things were supposed to be terrible. But so far, once again, we -- and I mean the collective we -- have bought the dip; we have taken advantage of the decline and put money to work.

We did what we always did, and the big bad ursines got it wrong again.

Oh, they never admit it. They never come out and email you and say, "You know what? You were right, and I was wrong. The market didn't crack."

Instead what they do is hibernate. After a nice run, one they won't catch, they come back after a bad day and predict horrors again.

They make you no money.

Their routine revolts me. Their total lack of accountability is intolerable.

What's really amazing about this rally -- and it is a rally, bears, whether you like it or not -- is that the breadth of it is getting better and better. The financials, drugs, foods, oils and Nets all went up. Now with Mister Softee reporting a great number, tech will join the upswing. That's what you want to see at the bottom.

Right now it looks like -- and remember this, too -- you had to buy last Friday.

Typical. Remember, what has to go right usually does. Remember, if we can help each other eliminate the mindless emotion of fear, we can make money together.

Random musings:

Check out our new

Portfolio Tracker, which is something a bunch of us worked hard on. I know I am going to move my company's portfolio to it because of the new alert features and the news customization features.

Hardly a day goes by that I don't find myself liking something new on the site. Take this new Briefing Room

feature. If you have never checked out our markets stuff, you wouldn't believe the changes we just made. They are great.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Microsoft. 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