Walking Away

Cramer wants to be bullish, but he's still seeing reasons things don't look so good.
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The futures are up big. Europe's rallying. Germany's on fire. And I feel it. I feel that pain of not being long enough. Barton Biggs is hedging and Steve Shobin's talking about a big rally. What do you do?

I do what I do every time I feel compelled to buy them when the bonds are falling apart and rates are going up. I go for a walk. Pretty soon I'm going to have to buy shares in

Reebok

(RBK)

since I'm still wearing those

Rockports

I got for plugging them a few years back.

As usual, I want to be bullish. I went over the charts this weekend. I am seeing some stocks selling at 10 times forward revenue that were selling at 60 times just a few weeks ago. That piques my interest. I detect opportunity everywhere.

Over the weekend, I was determined to get back into

MCI WorldCom

(WCOM)

, for example. I had waited until that bad quarter was digested and thought that we would be fine below 80. Then -- boom! -- price war. Didn't see that coming.

Or how about

Yahoo!

(YHOO)

? Didn't you think that it was trying to put in a dandy bottom? Now I don't feel so good about it.

And I keep coming back to what I said on the TV show: I want to wait, maybe even until Labor Day, plus or minus a day.

Beautiful day out. Will probably visit it again -- soon.

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