so? cramer says buy um
Staying on Course With the 1991 Road Map
By James J. Cramer
07/24/2003 11:26 AM EDT
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Market Analysis BULLISH
The 1991 road map holds true.
We will get to Dow 10,000 in stair-step fashion, not a fast rise.
The 1991 playbook really does continue to work and work well. First, the financials turned, just as they did in 1991. Then the builders. Then technology. Then retail. And now the big, integrated cyclicals.
It is amazing to me that more people didn't see this one coming. It is amazing to me how the 1991 overlay has been perfect, including the on again-off again rally after the big initial run.
As I listened to Dow Chemical (DOW:NYSE - news - commentary - research - analysis) talk about the turn, as I watch oil go down, as I see 3M (MMM:NYSE - news - commentary - research - analysis) hit 140, I am absolutely convinced that Dow 10,000 lies not that far ahead, within six months, and it will be done in this same stairstep fashion that we have seen.
I know it is hard to believe that history can repeat itself so perfectly. But the road map of 1991 has -- critics, listen up -- proven to the be the only thing that has consistently made you money in 2003. Everything from the exquisite moment right before the war, both in 1991 and 2003 to the present, indicates that we are well on track, the only deviant being recently when it looked like we were about to ramp and ramp too hard.
That's now passed.
Will there be roadblocks? Of course. Will they be surmounted? I think without doubt.
Sweet, isn't it? |
