Another month, another flip flop by Cramer.
He's Bullish and He's Proud
By James J. Cramer
05/05/2003 01:03 PM EDT
URL: thestreet.com
Giddy. Check the giddiness. Exciting. Check the excitement. Wammin and Jammin. Check the wamma-jamma.
That's the schematic of my brain right now. I see things like Ford going from 10 to 15, but I have no fundamental reason for the gain. I know that this isn't an O'Henry novella and we can't invest in irony, but when Colgate is among the biggest Janus positions and Helen Hayes, the queen of who-cares-about-valuations, hits the road, can you not want to nibble at Broadcom?(I know I did.) I recognize that people don't want to cover their investment shorts, like Capital One, so they stay short COF and go long the S&P and they have a classically poor unmatched book.
You want to get carried away on the long side. You want to read, as I read in USA Today, that the "Tech fund vanishing act picks up steam, with 21% of the tech funds pronounced dead or merged," and just close your eyes and buy the type of tech that these firms have had to liquidate.
I see people who hate the SOX covering the SOX and then shorting it again because it has "moved too much."
Giddy. Too giddy.
I see the short interest moving to untenable positions in the past two months even as the market has run!
Exciting. Too exciting.
And I have to pinch myself. I have to do everything I can to restrain myself so that I don't get too bullish.
When being "too bullish" is making you more money than I would have thought possible.
We've been in a bear market for so long that you have people in this market who every day sell out their longs so they won't have overnight risk. We have people who have been in a bear market for so long that those who only know how to short are still revered. We've been in a bear market for so long that one is afraid to even admit to being bullish for fear that people will poke fun, and question your integrity and wisdom.
Which is why I guess I don't mind admitting that I am bullish, because I have never been that concerned with what people think about me.
There -- that feels much better. Now email me and tell me how stupid I am. That's what I really love!
Masochism.
thestreet.com
He advised people he was gloomy in April and cost them a 5% rise in the market. Now he get bullish again. The quote on Ford stock is classic. Buy because he has a hunch. LOL. Going up 50%. A true carnival barker as Mr. Mark once said.
Jack |
