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Intraday opportunity has become the only game that makes money in town. You buy the moment of maximum pain, if you can figure out that moment, and then you sell when the margin sellers are finished -- usually before 3 p.m. or at the opening the next day.

I know, dicey proposition.

Why did it bottom? Was it the end of a big foreign sell program? Did the margin clerks finish their butchery? Did the shorts stop pressing their bet ahead of a Greenspan speech? Did the technical levels break the fall?

Whatever. To infuse significance to the rally is to invite calls of a "bottom" and those calls haven't worked and won't work.

Instead, I would like to think that if you pick at things down here you will be rewarded further out in time, when all of the sellers have been flushed out at last.

Until then, these rallies seem like just so much noise to me.

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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