penned a piece that talked about what had to happen to get us on track.
One by one, these are happening. To get us back on track, I said we needed a mid-month ease. We just got it. I said we needed a strong
number. Don't believe the bears, we got it. I said
had to finish the quarter strong. Wall Street sources say that happened. I said
had to have an upbeat meeting. We got one.
had to beat numbers.
Oops!! Oh well, the stock is still higher. I said we needed some giant cash mergers.
? Well, I guess that's not big, but it is a merger. I said we needed a turn in the
. Don't know. And I said we need a bear to capitulate.
The latter has to happen. We need a big-time strategist to switch directions. We already know that
won't. Even as the market was beginning to digest the rate cuts, Merrill was already blasting the darn thing as too little too late. Biggs? He was rosier last week, but he wants to wait for a major bank failure -- something this ease may have prevented. Whatever. We need that piece of the puzzle. We don't have it yet. But that's a pretty good start.
A week ago, my wife thought the world was coming to an end. She scared the heck out of me. Wow, to bet against the
Thought I would never see the day.
There will be plenty of questions why the
did this. Mostly because it will be said they did it because some institution went to them for help. Until that is denied, it will be the standard -- and scary -- reason for the ease.
James J. Cramer is manager of a hedge fund and co-chairman of TheStreet.com.
At the time of publication, his fund was long Merrill, Intel, Cisco, Pfizer and Schering-Plough, though positions 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 by sending a letter to TheStreet.com at