Still on the Stairway to Nowhere By James J. Cramer
12/16/2002 17:07
There's nothing like contrary opinion. Everyone on the subway uptown was buzzing about whether something was for real with the market today. To which I said, nothing more for real than was with Friday's action.
About the only thing of consequence that happened today is that Morgan Stanley's excellent technician, Rick Bensignor, recommended taking something off the table into strength. Good advice, because any move seems completely unsustainable in the face of Iraq, oil, gold, Lott, whatever.
Not to say that you won't have to get right back in; this is just to say that the rally is based on nothing and could be a gift before still one more retreat as we take the stairway to nowhere.
Let's take the banks. I know I was fooled into thinking that we could take out 820 on the BKX, to which the market's response was a quick retreat almost to 720. This time around, I don't want to be so greedy and I know I will be looking to lighten up on the financials toward that number. Nothing against the financials, just something in favor of trading.
Random musings: Although I own Target TGT , hats off to Doug Kass for nailing the short case in Target ahead of Barron's . I still think I will be fine in the stock, but I like reading the bear case ahead of the papers ,which is what you got with RealMoney Pro . Click here to check out the site. |
