Editor's note: This is a bonus story from James Cramer, whose commentary usually appears only on
. We're offering it today to
readers. To read Jim's commentary every day, click here for information on a free trial to
Maybe the momentum won't be short-lived. That's certainly going to be the sentiment. I suspect that the bears will be out in full force by 11 to 12 p.m. shorting the opening, fading the opening, whatever.
And that could be an even bigger sucker's trade. Here's why: There's nothing this week that seems particularly negative. I don't fear the consumer price index. I certainly don't fear the earnings from
. I think all of those will be superb.
In fact, this week could have been explosive on the way up to begin with because of the huge number of puts that were purchased that run out this week. They allow the protected gang to take free shots all week, which they will.
We aren't that overbought. We have already had a smackdown in speculative stocks. Yep, that happened already.
If anything, I would be more concerned about a ramping market that leaves us overexposed going into January,
Again, the "rigorous" position, and I use quotes to make the point, is that you will get a very quick lift and then a vicious decline because Saddam has nothing to do with earnings. To which I say, true, but it has everything to do with multiples on those earnings, and bulls will pay more knowing that Saddam's in the can. Maybe they shouldn't. Maybe they should just forget about it.
But that wouldn't be how the game is played other than in the twin dens of rigor itself: academia and the short-leaning hedgies.
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.
To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for
Action Alerts PLUS. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to
firstname.lastname@example.org. Listen to Cramer's RealMoney Radio show on your computer; just click
here to buy Cramer's latest book, "You Got Screwed!" Click
here to order Cramer's autobiography, "Confessions of a Street Addict."