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Total Arrogance

That's what Berkowitz says when he spots buyers who think they know more than those not participating.
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Why does



mock us with its strength? Is



trying to fool us into playing? Is it the siren song of



that makes me so on edge? Or the strength in

Applied Materials



Jeff Berkowitz

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, my partner, calls stocks like these -- the ones that rally when they shouldn't -- "arrogant stocks," as in, the arrogance of the buyers who think they know more than those of us not participating.

I try not to personalize it. Life's too short. But the arrogance comment does capture so much of what you have to feel about the scattered strength on the face of a backdrop that is just OK: a presumed tightening, a worse-than-expected productivity report and an underwriting market that comes back to life the moment that

Ask Jeeves


rallies 1/8.

For me, I catch up on my reading, check out some new names, do work on some out-of-favor cyclicals that could be the next

Union Carbide



And I stew about the arrogance of the




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