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To: yard_man who wrote (120097)9/7/2001 10:55:56 PM
From: ild  Read Replies (3) of 436258
 
There's a Lot of Roadkill on the Street Today
By James J. Cramer

09/07/2001 03:21 PM EDT
URL: thestreet.com

You can't game redemptions. You have to let them run their course. I know this as if it is hardwired on to my cerebellum. I know it as no one else knows it because I have spent my life studying it.

Right now, several large mutual fund houses are seeing massive redemptions. They are bailing out of anything that is nailed down. To try to predict when they will be done selling is foolhardy. Only they know.

Whenever I was faced with this kind of redemption selling (last time was the second week of April), I went to maximum cash because, while I fear almost nothing, I truly fear irrational sellers who don't know what the heck they are doing and have never traded in hard times and have no idea how to sell.

Can the market bounce? Sure. But after the bounce, we will get more selling because the redemptions have just begun. Let this market get real oversold. Let this market drop to levels where the companies have to buy back stocks, where the sellers are exhausted and finished. We obviously aren't there yet.

I know this is not a pretty picture, but, at this moment, the market is out of the hands of investors who have any control of themselves and into the hands of investors fighting for their financial lives. Let them crash and burn without our help. We will feast on the wreckage.
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