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European Markets Don't Tell the Whole Story

Cramer thinks U.S. stocks may fare better on Monday than those overseas did Friday.
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To talk about stocks so soon after this disaster will beconsidered wrong by many, and I don't blame anyone for feeling that way, butso many of you have asked for advice that I would be remiss not to offer myviews on the subject.

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So here goes: If the European markets are any indication, we are going tosee severe disruptions in companies that are travel- and leisure-oriented come Monday.The airline stocks in Europe traded at 10-year lows on Friday.

I can imagine the samething happening in our country on Monday. Insurance and defense stocks rallied, which, while suggesting a knee-jerk reaction, makes sensefor the trading-inclined.

Larry Kramer, a friend who edits


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, has urged everyone to buystocks on Monday to show the terrorists that they are not going to win. Iagree with that sentiment.

At the same time, I know that I have to be true towhat I would do as a money manager, and I know that performance, notpatriotism, is what I am paid to deliver. Patriotism is personal andfinancial decisions are personal. I cannot urge you do something that I wouldnot think is good for you, and I recognize that any attempt to try to move themarket in some direction, any direction, without the fundamentals, will notstand and could hurt you.

That said, it would be fantastic if all the possible bullish factors would converge -- if the fundamentals would find their footing, if values were created by limited panic-selling, if buybacksand a Fed ease occur -- and a terrific, patriotic rally, ensued.

Right now, from the looks of Europe, that's not how it's going to happen. But I would not be surprised if things worked out better in the U.S. than theydid in Europe Friday.

James J. Cramer is a director and co-founder of He contributes daily market commentary for the network of TSC sites and serves as an adviser to the company's CEO. Nonstaff contributing columnists for and, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. While he cannot provide investment advice or recommendations, he invites you to send comments on his column to