Isn't Mr. Fox the one who downgraded EMC on Y2K concerns?.
COMMENTARY >> WRONG! DISPATCHES FROM THE FRONT
Deaf to the Falling-Dollar Song
By James J. Cramer
9/13/99 10:16 AM ET
Bears thought they would be dancing to the tune of the falling dollar. But the equities traders don't hear that music well. They are dollar-deaf. They would prefer to see the currency go up. They would prefer to see oil go down. They would prefer to have the Fed off their backs.
In general, equities guys want to sell them when they see Europe down, but by the time all of that 401(k) money comes rolling in, they rethink their position and begin to focus on the research. This morning, as is often the case, the research is all positive. (Shocking.)
For instance, I sold my EMC (EMC:NYSE) last week. Outsized gain, thrilling, love those guys, etc., etc. But this morning BankAmerica/Montgomery/Nations/whatever upgrades the stock. After the sloppy opening, I took a look at what was down that could move on research, and I bit on EMC. I bit because I remember when the convoluted BankAmerica research department banged EMC down with a downgrade. It slaughtered the presplit stock.
Does that mean I am crazy about the market? No, but I am also not going to panic on this dollar thing. It hasn't made you enough money in the past to do so. I don't think it will do it now -- especially with the Fed on the side of the dollar bulls.
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