Waiting for the Missing Pieces

It's too early to tell if the puzzle spells cyclical or growth, but today's auction could help.
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Cyclicals or soft goods? Old faves or new faves? Everything hinges on these darn bonds. And they are playing it close to the vest. They are not telling us yet which way we should lean.

Look at the pastiche:

Alcoa

(AA) - Get Report

and

3M

(MMM) - Get Report

up, but the chemicals down. Wood products all over the map. Some drugs up, others down.

The puzzle misses too many pieces to tell if it spells out cyclical or growth. The auction today could provide one of the pieces. Of course, I am betting that it will be "row" or some other part of "growth."

Too early to tell.

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

letters@thestreet.com.