When a Merrill Upgrades an Intel

We have to remember days like this.
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Relish these low-impact days. The confluence of people unwilling to sell because they would incur awesome capital gains on a very few stocks, coupled with the need to show that you weren't a brain-dead troglodyte who thought the Net caught fish, has created this peaceful neverland existence.

It won't always be like this. But there were days in September and October of this year that were the worst days I have ever seen in 20 years of trading. At the time I used to dream of days like this, when you didn't have to beat the other sellers or jump off because of downgrades or worry that a country was blowing up.

We can't store these days up. That doesn't work. But we have to remember that there are times when everything works, when a

Merrill

upgrades an

Intel

(INTC) - Get Report

and it still goes higher, or when someone speaks positively about

P&G

(PG) - Get Report

or

Gillette

(G) - Get Report

or

Coke

(GE) - Get Report

after they have all disappointed, and they still go up. We have to remember days like this because the next time we get in a fix like we were in the late summer, there will be people who tell us all is going wrong and it will never go up again and you will lose everything.

I am not saying we should mindlessly buy dips. I am saying that as long as rates remain low, inflation remains subdued, the

Fed

remains vigilant and Treasuries remain in shortage (which, judging by the

Washington Post

this morning, could be for a long long time), excruciating selloffs will be followed by opportune moments to buy.

James J. Cramer is manager of a hedge fund and co-chairman of TheStreet.com. At the time of publication, the fund was long Intel, 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

.