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Non-Tech : The Critical Investing Workshop

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To: abuelita who wrote (12544)	4/13/2000 9:39:00 AM
From: Jenne	Read Replies (1) of 35685

No Bull-Market Flag-Waving Here By James J. Cramer 4/13/00 8:44 AM ET Click here for the latest from James J. Cramer. Bulls want me to show the bull-market flag. There is no bull-market flag. There is a chance for a breakout of the drug stocks. There is a chance that people will say, "Microsoft (MSFT:Nasdaq - news - boards) and Motorola (MOT:NYSE - news - boards) are wrong, but AMD (AMD:NYSE - news - boards) and Altera (ALTR:Nasdaq - news - boards) are right." You can even make the case -- and we are willing to do this -- that Microsoft and Motorola are rearview-mirror stocks. That the weakest months were January and February and that March actually is stronger. But I ain't waving no market flag. Snipers shoot at the guys with the bars and the flags. You want to buy tech off of this? I say, great. But portfolio managers have tech coming out the wazoo. They need to get whole. They are now dripping losses. It frightens me that I was hearing rumors about the potential liquidation of some of the best hedge funds in the world yesterday. I know those rumors are untrue. But I am no fool. This is a "smoke-there-is-fire" business and when you hear that someone is in trouble, someone is in trouble -- you just don't know who. These funds must sell -- not buy. Which is why, when they ramp the opening this morning , I will be a seller. I will sell the tech stocks that I bought into the afternoon's weakness and I will buy more Merck (MRK:NYSE - news - boards) because it looks like that Merck has won the battle vs. the arrogant venture-capital goons that were riding so high just a few months ago. You can buy some of this tech at puffed-up prices and I will buy it back from you a few hours later. Just a heads up as to how we are playing it.

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