Musings by Cramer.
LOD: Here is little something from Cramer.
...."Before the market got derailed, Pfizer (NYSE:PFE - news) , Cisco (Nasdaq:CSCO - news) , Dell (Nasdaq:DELL - news) and the Internet-related stocks led us higher almost daily. These were our generals, leading the way. (Every market has its leaders. I put the leaders on a prominent place on my market screens. I follow each tick of these leaders like a hawk. So do others.)
Then these stocks fell off their horses and had to be sent to the field hospital, where their condition was critical. Until Wednesday. The fact that these stocks were standing there, Stonewall-like, in the midst of the withering fire of no man's land was enough to encourage people to believe that the worst of the selloff may be over. (We look to our leaders. We feel comfort with them. If they stop going down, we feel emboldened. Pfizer had been going down since Viagra deaths were reported. Cisco had been going down because of profit-taking and potential competition from Lucent, and Dell had been dropping because the PC industry has traded horribly. At some point, though, all of this news is priced into these stocks, and then they can rally, even if it is just because the sellers have exhausted themselves.) They helped shift the psychology, as did the holding of the 5% decline from the top that I mentioned in several pieces Wednesday.".......
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