The 2:45 p.m. rally: will it happen? When I used to trade with my wife, also known as the Trading Goddess, and I would be itching to buy a Friday rally, she would tell me to go take a walk, go to the Seaport, go to Staten Island ferry for a ride -- do anything, but don't bother her until 2:45. Anything before then she would say was premature. She would tell you that a rally would fail if it started before then. And that a failed rally would leave a real stench on us as we went home to Brooklyn.
But if the rally took shape then, we were home free.
I wish we had something to hang our hat on for a rally. The only pattern I've seen is that we have had two NDX selloffs of around 8% this year already (Jan. 11 to 13 and Jan. 20 to 22) and they held, and this one logs in at about that -- a little shy, really, but almost 8%. That could be enough. Still wish I had more.
Me, I can't go to the Seaport anymore. And the ferry? Heck, I got articles to write, people to see and stocks to monitor and maybe even buy! But I am still waiting till 2:45 p.m. for any kahuna buys because I was taught by the master, even if she was a technician!
Look, brokers who don't get the job done, the heck with them. I was all for New York Attorney General
diatribe (and what was with that politically motivated stuff the
guy threw at him yesterday? I mean, sure, I know, I helped fundraise for Spitzer, so I am biased, but if the AG didn't look into this stuff he'd be doing the job wrong!). I am just giving you my sense of things, which is that the Net is really not what it is cracked up to be and you need to monitor your machines every second and
screw-ups. The ones who don't expect them -- get 'em Eliot!!!
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. 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 an email to email@example.com.