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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

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. 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 He contributes daily market commentary for's sites and serves as an adviser to the company's CEO. Outside 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.

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