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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Lucretius who started this subject9/28/2001 10:06:32 AM
From: sun-tzu  Read Replies (1) of 436258
 
You make the call on this one.

(~)^(~)

Cramer's words today:

<Smelling a Rally

By James J. Cramer

09/28/2001 08:50 AM EDT


It smells like the day today. That day. The prevailing winds have shifted eastward and you can't get it out of your nostrils.
How ironic. Today was the first day people laughed on the ferry to Pier 11. Today was the first day the futures indicated that the market may be on to something, that it might be smelling something besides fried plastic: a rally.

Is it too far-fetched?

I don't think so. First, The market is still dramatically oversold, so it is too hard to go down from here without another action.

Second, we now feel that something has changed militarily. We now feel that the next news might be something good for the good guys as the Taliban loses any credibility it had and the money dries up. Meanwhile, lots of allies want to take care of the problem for us. That wasn't the case three weeks ago.

Third, people want to get back to doing things again because people like Bush and Giuliani, people we respect, are asking us to. Not too hard to ask, is it?

Fourth, isn't it really possible that flying on planes is safer than ever because of the scrutiny that airlines are receiving?

Look, the earnings aren't coming through. But if you have been shorting the market with impunity, the longer nothing happens, the more likely it is that the next thing that happens is something good that we have planned to rout the bad guys.

Shorts have to be feeling that the game has changed. The playing field between the bulls and bears seems to have been leveled by valuations on the low side and safety on the high side.

Something to think about.>
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