Upon a Fed Tightening, JJC Will Be Ready to Spring

The trader is rooting for rate hike, and he predicts a market rally.
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What a tremendous break from the action. I can't believe how burned out I was. And I can't believe how little I missed!

Refreshed and ready, I find myself wanting to buy. Sure, the

Fed

beckons. But the slower macro figures we have seen, coupled with a saner IPO market have left me thinking that a tightening is a win. That's right, if the Fed tightens, the market rallies because we will certainly be done with the Fed until year's end. The macro numbers just don't justify another tightening on top of the one we might get this week. With the Fed out of the way after a tightening, we can really rock!

I would hope that a tightening would cause a selloff that I can buy stocks on. But last time I thought that would happen, and we got the tightening but didn't get the selloff. I don't want to box myself out by waiting for something that might not happen.

That's right, I am rooting for Fed action. Without it, I will be less inclined to put money to work.

In fact, if we don't get a tightening, we will be back on Big Bad Event watch. That's where every macro number that is "too strong" will be greeted with a nasty selloff because the Fed will be perceived as too easy. I know my partner,

Jeff Berkowitz

, agrees with me because I heard him say as much on

TheStreet.com's

TV show today.

Speaking of Berkowitz, how about how great his stuff was this past week? I loved it. I sure hope we will see more where that came from. Same with the television gig. Bravo and encore.

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

jjcletters@thestreet.com.