Waiting for Greenspan
Creepy feeling about this week. Too many
Fed
governors and too much waiting for
Greenspan
for my tastes. Nonetheless, I am not too concerned. I think the money that is flowing in will cushion any big decline. I think the selling in
Microsoft
(MSFT) - Get Microsoft Corporation Report
and
Cisco
(CSCO) - Get Cisco Systems Inc. Report
got overdone and they seemed ripe for buying. As was
Texas Instruments
(TXN) - Get Texas Instruments Incorporated Report
.
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What bothers me, though, is the sameness of the stocks that I am drawn to. They all have the same characteristics and are leveraged to the same customers. For example, I took home all of the work on
Agilent Technologies
(A) - Get Agilent Technologies Inc. Report
and it sounds great
except it is leveraged to everything else in my portfolio
: Wireless, semi equipment, high-speed Net access, all of the usual suspects.
But when I look at the landscape, I would much prefer buying Agilent near the high than speculating that I can catch a bottom in a
Kimberly-Clark
(KMB) - Get Kimberly-Clark Corporation Report
or a
Ford Motor
(F) - Get Ford Motor Company Report
.
Oh, yes -- and the financials. I am still there, with my
Chase Manhattan
undefined
and my
Goldman Sachs
(GS) - Get Goldman Sachs Group Inc. (The) Report
, but this is the kind of Fed-watch week that makes the financials a tough row to hoe.
As originally published, this story contained an error. Please see
Corrections and Clarifications.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Chase Manhattan, Cisco, Goldman Sachs, Texas Instruments and 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
jjcletters@thestreet.com.
