The panic's so thick in the halls of the mutual funds right now that you could get knocked over by it if you were hanging around the water cooler.
You know what they're saying, what they're thinking. "Holy cow, the world's changed. Things are going to get better. I can't wait anymore. I can't wait till rates go to 3.5%, give me something to buy."
At the bigger firms, that means looking at their charts of the business cycles and realizing that after five cuts, you have to buy some cyclicality, and they are reaching, reaching for stocks that sat 15% below here just a few weeks ago.
They have no choice. They have to be in. The aggressive ones will buy
. The more wishy-washy types will buy the
Procter & Gambles
. Others will buy chicken tech like
That's why even though it should go down today, after those
massive gains, only the flippers, yesterday's gutsy traders, will offer supply.
Nobody's long enough. Nobody. So any weakness is a buying opportunity.
It is my daughter's seventh birthday today, so I am taking the morning off and going to school with her. And you ask me why I quit the hedge fund business. I didn't know the difference between May 17 and May 18 or May 16 until I quit. In fact, I always thought of May 17 as the day that the
raised rates in 1994! I know better now. I will be in later today.
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. At the time of publication, Cramer was long Alcoa, Caterpillar, EDS and IBM. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to