Get to Nazzdog 2500 already. Whoosh down there. Take it down. Fast. Without a parachute. Now!! And let me buy that bottom perfectly!!
Yeah, you and me both. We all want that to happen. We want to get the selling done with. We want to get to the lower promised land and begin making money again.
Nope. Too easy. Too pat. That's the problem. We can't go there in a straight line and then bounce right back. Heck, maybe we don't even get there. We have to keep grinding things out and causing more pain and crushing more hope.
Typical of the pain is the action this morning. Wouldn't it be easier if this market were just to open down huge and purge all of the weak holders? Nah, that's too surgical. Instead, the
futures are green. There are buyers willing to pay in-line to up-a-tad from yesterday. These
bids radiate unwarranted hope. And they delay what has to happen. They keep you in. They raise expectations each day.
We continue to use a
1994 roadmap. We are selling cyclicals and
shorting them on strength. We are trying to cut tech into strength. We are hiding in drugs and foods and aerospace and cash.
And waiting for the whoosh that just won't come.
We have been negligent lately in flagging definitions. A cyclical company is one that is geared to the strength of the economy: wood, paper, chemical, mining, auto, housing. Drugs and foods have much less economic sensitivity and are not cyclical.
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