Cramer to attend H&Q Conference
[For what it's worth, since Cramer was long ASND at last viewing, a good ASND presentation could lead to a good article.]
thestreet.com
Wrong! Dispatches from the Front:
Cramer Says His Game Plan's Still
Intact
By James J. Cramer
4/27/98 4:41 PM ET
Sometimes you have to put yourself in the minds of the
shorts. Typical short-sellers might have expected a
European-like sell-off-to-the-low-of-the-day and were
disappointed. Yes, they were disappointed with both the
velocity and the measurement of the decline.
If you are long, that's the good news.
The bad news is that the rally, while substantial off the
low, and certainly reassuring that we held at 5% from the
high, left little room for more bond disappointment.
Sure the advance/decline was plain hideous. Sure the
losses were big, downright monstrous in some sectors,
particularly the interest-rate-sensitives. I saw some real
"give-ups," meaning people were trying to get out at all
costs, but not enough to be a certified crescendo that I
like to see.
And, I just listened to Bob Pisani saying there is no fear,
and that's certainly worrisome.
But overall the losses were contained. It had the makings
of a real rout that instead seemed to mature into a
genuine session of profit-taking with a rotation into tech
and out of stocks that do well in a slowdown. For me that
meant increasing my tech and cyclical exposure and
letting the banks fall until they found a level. Jeff
Berkowitz, my partner, didn't think they found that "level."
I am not sure.
One thing is for certain. I am going out to Hambrecht &
Quist's conference tomorrow night (see the Companies
section for TSC's coverage). It is too big, with too many of
my companies -- especially the companies I am buying
right now -- speaking. I have to check out what these
companies -- many of which were in my game plan to buy
on weakness -- are saying.
Bottom line: Game plan, as outlined repeatedly today, is
still intact. Time to get a haircut.
James J. Cramer is manager of a hedge fund and
co-chairman of TheStreet.com. Under no circumstances
does the information in this column represent a
recommendation to buy or sell stocks. Mr. Cramer's
writings provide insights into the dynamics of money
management and are not a solicitation for transactions.
While he cannot provide investment advice or
recommendations, he welcomes your feedback, emailed
to Jjc@thestreet.com.
See Also
WRONG!
DISPATCHES
FROM THE
FRONT ARCHIVE |
