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Here's some honest-to-Betsy good news:
is not endorsing
local slowdown story.
That's big. We are in one of those eras when people are worried about slowdowns and when one pops up, we think it's one size fits all. The fact that Clear Channel, which is much bigger in radio than Viacom, reaffirmed its forecast means that we can be a little less worried about an overall slowdown and more worried about a slowdown at Viacom.
The analogy here is to
Sun Micro said negative things and it took all of the
That was wrong; the problem is intrinsic to Sun. But in our "shoot first, ask questions later" mode, you are going to get this kind of thing.
Why is this important? Because we want to believe this rally has some underpinnings and it isn't totally
flow of funds.
This Clear Channel news plus the decline in rates allows people to buy the homebuilders, financials and some of the durable goods/media stories.
Enjoy it while it lasts.
James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made.
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