Mark, this article from Cramer sound sooo wrong to me... what do you think..
The Cannonball From Chicago
By James J. Cramer
6/30/99 10:48 AM ET
Did you feel that fungo bat smack the market's head? Did you hear the thwack when the wood connected with skin, skull and, ultimately, brains?
That was no fungo bat, silly. That was a cannonball, a Chicago Purchasing Managers' Index cannonball that takes your breath and your head away, considering that today is Fed day.
Suddenly, my partner, Jeff Berkowitz, turns to me and says, "Only 50 basis points will work now."
So now we have room for disappointment. The Berkos out there are rooting for 50 basis points to show that the Fed is vigilant. As I write, people are printing out Padinha pieces and blanketing my desk with them.
If we get 25 basis points, that will not be enough. The selloff will be that much less buyable, the rally that much more behind us than in front of us, the put-buying that much more right today than wrong. Which is why it pays to be a cautious bull, taking outsized gains like those in IBM (IBM:NYSE) this morning and selling that Latin stuff that I've been keeping on the sheets, betting on 25 basis points.
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