Sometimes the market rewards the least likely scenario. And what would that be? We start going up from the get-go and keep going higher. A scenario in which we bottomed Friday.
I penned those words after we held our morning meeting. In the end, this business comes down to guts and psychology. We didn't go down today because everybody thought we would. The market did the one thing that nobody expected. And that is often how things work out. Sure we started down, but when buyers came in they firmed and firmed immediately.
It was an amazing day.
We rallied right back to 3500 on the
, which is an incredible move.
is great tomorrow night, I suspect we will have a rally into expiration as there are now many shorts built into this market.
What a turn!
Got a lot of great email today but my favorite came from reader
: "I know this is not the end and we all pin hopes on Intel, but I think you deserve some well-earned kudos for making up for that October '98 debacle (when I choked and went bearish at the bottom). You hung in there like a true champ ... not as good as a vacation with your kids, but better than a sharp stick in the eye."
Always good to exorcise the demons past.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Intel. 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