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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Lucretius who wrote (228688)	3/17/2003 7:04:45 PM
From: orkrious	Read Replies (3) of 436258

luc, are you following cramer or is he following you? A Coalition of the Willing Buyers By James J. Cramer 03/17/2003 06:03 PM EST thestreet.com Unless you got up really early, I don't know if you realize what a monumental reversal day today was. When I checked in to the market before 6 a.m., I already had a half-dozen hedge fund friends online. Stocks were being hammered mercilessly and it looked like a down 3% day. Not a single one of my friends wanted to pull the trigger at the opening. Not one. That was what made me feel it was the exquisite moment. I figured when I penned that piece that we would be down big in the morning and then reverse. And we did open down big, not as big as I would have liked, but there was plenty of room and plenty of European offerings to take before the market got rocking. Understand that the turn was rather amazing today. We had to incorporate all of those who bought last week on the peace rally into warmongers or have them sell. They were selling and that caused the decline. But then it was off to the races. A true fulcrum reversal day. I know that the technicians among you now want to wait -- one of my friends joked that they want to wait until Dow 10,000 and SPX 950 to confirm the buys -- but I know I would have long since hanged myself if I had waited. In sum, this was a perfect reversal on a bad news background. It would have been a huge sin to sit it out. And if I had, I would be furious as all get out! Tonight the president will speak and he will be forceful and fearsome, etc., etc. I think the better speaker of the two of them is Dick Cheney, and if the markets had been open when he gave his talk on Tim Russert's show, there wouldn't even have been a decline at the opening. So be it. Now the bears have to prove that this time is different from 1991. They will seize on the "removal" of Saddam as more difficult than the removal of his forces from Kuwait. I am not buying it. We are better now than we were 10 years ago in that we can now bomb with precision from 50,000 feet. We can hit them; they can't hit us. Things haven't been that one-sided since Hitler took Poland. No time to bet against our guys. Which is what you are doing with the big short bet from this level.

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