An Ideal Report From the Floor
By James J. Cramer
6/18/99 2:06 PM ET
If I were reporting live from the floor of the New York Stock Exchange, here is what my copy would be:
"If someone were to tell you that Intel (INTC:Nasdaq) would be downgraded by Morgan Stanley, the premier bull on the chipmaker, and the Nasdaq would be up anyway, you'd have to marvel at the strength of this market.
"Yes, on top of yesterday's gain and the gain on Wednesday -- the largest single point increase in Nasdaq history -- the bulls just keep buying.
"I've talked to a number of traders today both on this floor and at the Nasdaq, and they are blown away with the strength of this market. One longtime hedge fund manager described the trading as "remarkable," especially considering that Intel is down almost 3 1/2.
"What's behind the strength? A strong IPO market, including a couple of roaring dot-coms, as well as frenzied -- the volume is extremely high, even for a triple-witch -- attempts by large institutions to get long after the Big Bad Events of the week, the CPI and the Greenspan speech, turned out to be benign.
"As far as sectors, for the first time we are seeing tremendous strength in retail, a group that had cooled ever since the Fed changed its bias.
"Now back to you, blah, blah, blah."
Would it be too much to ask to have something like this?
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