We've seen this "love of tech" trade after a
strong employment number.
There must be some mutual fund out there that uses the weakness generated in stocks and bonds to scoop up tech -- mostly semis and now some Net.
I can understand this. In a strong economy, you have to like tech. You can justify buying tech when rates go higher because, one could argue, it grows so fast that it's less likely to be stalled.
For me, it always seems too glib to do this trade. I don't like to fall in love with stocks when bonds are getting hit. It just hasn't been a fantastic trade.
I also don't like the single-minded nature of it. The fund or funds that are sitting there buying tech, would, if they walked away, get much better prices. But they want the shorts to capitulate. They want to get the market going. I can't play like that. It's too bullish for me.
I am a nimble guy, but I can't be so nimble as to know when this Friday mutual fund love affair will end in time for me to get out.
That's too hard. I don't get bullish when the bank index acts nasty. It has always cost me too much.
You have to get into these
diaries. They are a total blast. I think they are a precursor to what our community initiative will be like. They are thoughtful, filled with angst and triumph and confusion and clarity. Just like trading. I urge you to examine them and keep 'em
Another great thing is that they're not like the message boards. How distressing it is to read those boards, with all their threats and harangues and curses. Worse than a bad
Yankees at BoSox
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. 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