We are unfeeling sons of guns who ignore the tragedies of others. We seek to profit off the weakness that terrorism generates. We don't care what happens across the Pond.
All of that gibberish will be said about us because we didn't collapse today, we didn't drop the 3% to 4% that the FTSE immediately did, and we don't look likely to be smacked down to close almost 2% lower, like they did in the U.K.
And it is gibberish. The truth is that after 9/11 and after Madrid, we recognize that terrorism is pretty much part of the game plan. We make a decision rather fast about whether today's terrorism will affect bonds, stocks, travel, tourism, growth and the
. And when we decide "No," we buy stuff that was down, especially stuff that was down after the 100-point drop from the day before. Our markets haven't been as robust as the Europeans' anyway.
They have more profits to take than we do.
We aren't mercenaries. We are realists. If there was to be any fallout beyond today, it would be positive, not negative, because this challenge would make the cause more shared, somewhat like Churchill must have felt after Pearl Harbor.
Exogenous events will always play roles, but after 9/11 the notion of terrorism as an exogenous event changed. Like in 1987, when we realized that the crash wasn't the end of the world, 9/11 wasn't the end of the world, either.
For me, the selloff this morning was just another opportunity for me to adjust my portfolio,
ActionAlertsPLUS. It was a chance to buy the good defensive stocks and techs that got thrown out through the futures selling from Europe. And then I made even more trades to dump the bank stocks when the market came back, because they are quite simply the most vulnerable games in town by virtue of the flat yield curve that seems to be the Fed's intent -- hey, better than saying that the Fed favors an inverted curve.
Cavalier? Grave dancing?
No, business. And a business that is far more gripped by cycles -- the tech product cycle, the aerospace cycle, the Fed interest rate cycle -- than the secular growth of terrorism.
I'm all fired up for the special expanded Lightning Round on "Mad Money" tonight! Call me at 1-800-743-CNBC between 4:15 and 5:15 p.m. EDT to join. We need all the callers we can get at the top of the show, so this is the day to call! ... I believe
Medco Health Solutions
looks like it's down too much after the
deal, and should be bought, not sold. ... Finally, tech outperformance continues, day two.
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 by
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