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

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To: MythMan who wrote (262941)	10/7/2003 2:50:14 PM
From: Lucretius	Read Replies (1) of 436258

Bears Can't Scratch This Resilient Market By James J. Cramer 10/07/2003 01:20 PM EDT Click here for more stories by James J. Cramer Market Analysis BULLISH Bears have to find something besides valuation to criticize. The old worries are built into the market. Resilience matters. The kind of resilience this market is showing, where it throws off worries about currencies and weakness in Europe, is rather unusual. We have been up for four straight days. We are "due" for a down day. But we can't seem to muster one. It's up to the bears here to find some new chink in the armor besides valuation. The bears have to point to slowdowns or worries or inventory gluts we don't know about. It simply isn't enough to talk about mutual fund selling because that seems to have been wrapped up. It isn't enough to talk about interest rates spiking; they aren't. And it isn't enough to point out the Iraq situation and tensions in the Middle East; they have been "built in" to some degree. The best hope the bears might have is an insurgent Democrat, and even that could be taken away if the insurgent is one of the moderate Democrats I favor, because they might be the antidote to the coming fiscal crisis if we keep at these spending and tax levels. No, and not for a moment do I buy my television partner Larry Kudlow's sanguine forecast that has us "growing" our way out of the hole because the hole is, if anything, expanding even as the economy expands. I heard a bear call on auto inventories, but that call won't amount to a hill of beans with GM (GM:NYSE - commentary - research) and Ford (F:NYSE - commentary - research) as low as they are. I also don't think that you need to fear downgrades that much, not with Comcast (CMCSA:Nasdaq - commentary - research) barely down and EchoStar (DISH:Nasdaq - commentary - research) up! Of course I am open-minded. Insider selling? Seems under control. Margin debt? Still seems under control. Give me something else!

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