You are right to relax, these shares were at 57 (114), on Jan. 4. Your comments about the IPOs are correct. Brazil, not an overall high impact event, will bring the pricing back to us. The buyers are nearby. This is the "waiting game" now:
Playing the Waiting Game
By James J. Cramer
1/14/99 3:26 PM ET
Can't believe I am sitting here hoping that Cisco
(CSCO:Nasdaq) comes in. Why do all of the stocks you like try
to keep you out on days like today? I can't buy Sun Micro
(SUNW:Nasdaq); it's barely down. I can buy all of the offline
brokers I want, though.
Or EMC (EMC:NYSE). I mean, what's the deal? Stock was at
83 yesterday -- I can't even buy it in line today. That's not the
game. Ah, but Coke (KO:NYSE), which I don't want: I can buy it
-- buy the caseload. Nah, make that the truckload.
So what do I do with the ones I want to buy more of that I like?
Simple: I wait. I hope that tomorrow allows me in.
Good traders love selloffs. Good trading means positioning. It
means having cash when you need it, not pulling the trigger
faster than anybody else on a Sunglass.com. Good traders
root for selloffs so they can get the best possible prices.
And good traders never bite at the merchandise that is
damaged. I mean, why buy a broker with Brazilian exposure or a
copier company with Brazilian exposure? Who needs that
headache? There will always be someone less savvy than you
who will wake up tomorrow and sell and hurt you.
What am I selling? Nothing, it's down 250 on Brazil. My options
trader tells me we are at the 30-day moving average, which
makes me pick at tech, drugs and some retailers. And I root for
lower prices for the stuff I love. Come on Brazil, give them to us.
James J. Cramer is manager of a hedge fund and co-chairman
of TheStreet.com. At the time of publication, his fund was long
Cisco and EMC, though positions may change at any time.
Under no circumstances does the information in this column
represent a recommendation to buy or sell stocks. Cramer's
writings provide insights into the dynamics of money
management and are not a solicitation for transactions. While
he cannot provide investment advice or recommendations, he
invites you to comment on his column by sending a letter to
TheStreet.com.
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