Bill, not sure what I meant there -vbg-
Cramer says all is well so it must be -g-
Supply Crunch
By James J. Cramer
7/2/99 11:22 AM ET
We've got a nasty supply problem today. The mutual funds, flush from their 8%-plus week, are now going to be in inundated with new funds now that the Fed is on the bull's side with that bias change.
The last thing these guys want to do is sell. They have to worry about buying. No trading desks have much supply. Heck, they are all like Berko, in the pool already, and it's not even noon.
So you are seeing gaps in stocks on no volume.
Normally I would be offering stock here, taking advantage of some of those gaps up, but the bonds are looking good, the day is a seasonally strong one and I think more demand for stocks beckons.
Barring any statement from Alan Greenspan (unlikely -- just spoke), Larry Summers (just got the job -- not talking) or Abby Joseph Cohen from Goldman Sachs, Tuesday should see more of the same. In fact, I'm looking for that old 11:00 a.m. watch that those of you who have been with us for some time remember. That's when mutual fund managers power into their stocks because they have seen that morning's mail!
For me, I am using weakness, particularly weakness in semiconductors or prominent Net names, to put money to work. And I'm leaving after the Chinese food comes.
Random musings: Thanks for all of the kudos on the ABR Information Services (ABRX:Nasdaq) piece last night. I will rewrite that for the weekend.
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