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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: tradermike_1999 who started this subject	4/24/2003 1:36:36 AM
From: energyplay	Read Replies (1) of 74559

Simple Reason for a Rally: Things Are Getting Better By James J. Cramer 04/22/2003 02:46 PM EDT URL: thestreet.com Rally because things are good and getting better? Could it be that simple? I think it can be. Marx had a phrase to describe how we've been behaving around this market: "lumpenproletariat," which exactly the kind of stock players we have become, all so used to being beaten down that we don't even recognize when things are better. We are literally in one of those moments when even the president, an optimist cut from the cloth of Ronald Reagan, gives you a double-take when you think that things may actually be better than expected. Yet what other conclusion can you reach from stocks like Verizon (VZ:NYSE - news - commentary) or Viacom (VIA:NYSE - news - commentary) ? What can you say about Broadcom (BRCM:Nasdaq - news - commentary) and Conexant (CNXT:Nasdaq - news - commentary) -- that they have gotten worse? That things are looking down? Nope, that doesn't make sense. The "lumpenprole" stock-pickers will seize on what they have to if they want to fight the tide. This fellow Fred Hickey has become the bears' latest standard bearer. People are all over me about his missives. And there are plenty of outliers; I got stung by Forest Labs (FRX:NYSE - news - commentary) today in an otherwise completely upbeat earnings season for my Action Alerts PLUS portfolio. But I think it is time to recognize that the lumpenprole stock-pickers have nothing to lose but their losses, and that any tax package that comes across, even the $350 billion one, will just add lighter fluid to the oil-soaked Kingsfords!

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