Well, We Didn't Melt Down

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When the bears are in charge, they take profits at the end of the day ahead of an event. If you were short you would do well to do some covering ahead of rumors that the president might resign, because at

Dow

7615 we rally if the president quits.

In just 48 hours a resignation has gone from anathema to a pleasure -- something the bears wanted to something the bears feared. That change in the firmament, plus a great number from

Oracle

(ORCL) - Get Report

-- OK, I am long it, but it seems great on the surface -- makes people feel, what the heck, take profits ahead of something "good" out of the White House.

Otherwise, not much here to write home about. No sense in claiming it acted well; it didn't. Sticking by my tech buys, taking some licks on my banks, but feeling heartened that we did not melt down on Argentina/Brazil's meltdown and instead just did as badly as every bourse in Europe.

Wanted to get this out ahead of the

Yahoo!

(YHOO)

chat

tonight at 5. Be there!

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

At the time of publication the fund was long Oracle, 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 TheStreet.com at

letters@thestreet.com.