Remember What a Bull Market Looks Like
By James J. Cramer
04/29/2003 11:03 AM EDT
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The naysayers keep emailing me, telling me that it's all a con job, that I don't know what I am talking about with this optimism and this 9500 target on the DJIA and that I am a hopeless bull. One of them was all over me this morning, debating my Wal-Mart (WMT:NYSE - news - commentary - research - analysis) call Monday, that the retailer's stock was headed higher.
I have been very patient with the bears since the exquisite moment, when I said the market was done going down big and you had to buy stocks on any weakness. I have listened and argued and "seen the other side." I have argued like a gentleman and respected the views of the bears.
But this morning, candidly, I lost it. I felt like I did during one of those hot streaks I would have back at Cramer Berkowitz, when I told the staff "We are about to make multiple eight figures in this market, so hunker down and help me or stay out of the way." I didn't want to hear it.
I don't have any more time to argue. I am too busy making money. Of course, right after I sent this, the market plunged because that's what happens when things look so good. But again, I think this selloff will be benign. We are just working off the overbought conditions and I am looking to put money to work for my Action Alerts PLUS portfolio.
You see, this is one of those moments when you just have to make the money -- or get out of the way. Does that mean that we're going straight up? No, that would just be a short squeeze. This kind of activity, where we go up and then pull back a little, is classic bull-market activity. Let's at least give it it's due. |
