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Weird Day on the Conference-Call Front

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Patience worked again. A bunch of stocks got hit, this time off a really dumb call from one brokerage house about how computer spending might decline. All day traders waited for this call and of course when it occurred it was upbeat!

Still, it was a weird day. I am long

Bankers Trust


. My wife says I would be nuts not to, and on the conference call the company was remarkably positive. I think management was even proud. I think they thought they did an excellent job in risk management. Hoo-hah! You be the judge -- is this a case of:

  • Denial?
  • Prozac overdose?
  • Comedy?

And the stock went up!

Meanwhile that


keeps cooking and the little stuff keeps getting juiced. And an underwriting worked! Holy cow!!!!!!

Looks like a lot of those big sellers we saw in September and early October didn't want to sell, but had to sell. Because they are nowhere to be found on days like today. This morning, when the programs hit the market and the tech negativity seemed high, buyers simply shrugged off the negatives. And the sellers dried up right along with the programs.

What can I say? We are in that sweet spot where bad is good, good is great and great is


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. My wife always says, take it where you can get it. Days like today tell me she is right.

Random musings

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conference call. I told my partner,

Jeff Berkowitz

, that there was no way to make money on this one, long or short. A real Verdun.

James J. Cramer is manager of a hedge fund and co-chairman of

At the time of publication the fund was long Bankers Trust and Microsoft, though positions can 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 by sending a letter to at