To talk about stocks so soon after this disaster will be considered wrong by many, and I don't blame anyone for feeling that way, but so many of you have asked for advice that I would be remiss not to offer my views on the subject.

The Market
History Shows Panic Selling or Buying Is Not a Good Strategy
Facing Hard Task, Fund Managers Ready Trading Plans
The Argument Against Gloom
Cramer: Euro Markets Don't Tell the Whole Story
Sector Watch
Investors Will Be Seeking Safety, but Not All Will Desert Biotech
Software Firms Likely Will Forget the Third Quarter, Look to Fourth
Consumer Uncertainty Weighs on Wireless Sector After a Week of Warnings
Defense Stocks Aren't the Sure Bets You Might Expect

So here goes: If the European markets are any indication, we are going to see severe disruptions in companies that are travel- and leisure-oriented come Monday. The airline stocks in Europe traded at 10-year lows on Friday.

I can imagine the same thing happening in our country on Monday. Insurance and defense stocks rallied, which, while suggesting a knee-jerk reaction, makes sense for the trading-inclined.

Larry Kramer, a friend who edits CBS, has urged everyone to buy stocks on Monday to show the terrorists that they are not going to win. I agree with that sentiment.

At the same time, I know that I have to be true to what I would do as a money manager, and I know that performance, not patriotism, is what I am paid to deliver. Patriotism is personal and financial decisions are personal. I cannot urge you do something that I would not think is good for you, and I recognize that any attempt to try to move the market in some direction, any direction, without the fundamentals, will not stand and could hurt you.

That said, it would be fantastic if all the possible bullish factors would converge -- if the fundamentals would find their footing, if values were created by limited panic-selling, if buybacks and a Fed ease occur -- and a terrific, patriotic rally, ensued.

Right now, from the looks of Europe, that's not how it's going to happen. But I would not be surprised if things worked out better in the U.S. than they did in Europe Friday.
James J. Cramer is a director and co-founder of He contributes daily market commentary for the network of TSC sites and serves as an adviser to the company's CEO. Nonstaff 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. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. While he cannot provide investment advice or recommendations, he invites you to send comments on his column to