Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: William H Huebl who wrote (25873)	8/31/1998 5:19:00 PM
From: Snowshoe	Read Replies (3) of 94695

It's Official -- J.J. Cramer Declares Kahuna!!! Wrong! Dispatches from the Front: It's Not Over By James J. Cramer 8/31/98 4:28 PM ET Well, that was the Kahuna. Humongo Kahuna. With real capitulation and fear and fright and anger and ugliness and danger and massive, massive pain. At the end of the day you could buy anything you wanted a point below where you wanted it. Or worse. Here's the bad news. It's not over. This was not a buyable close. People just started selling right at the last minute. There was size to go at the bell. And Hong Kong will be crushed and Japan will be shredded, etc. Brutal. By tomorrow midday I think we will see levels that people will have to come in and buy. We will hit the irrational exuberance level and just be irrational -- no longer exuberant. I am staying late with my partner, Jeff Berkowitz, and putting together my ideal targets, prices that I would buy things with my eyes closed. Ford (F:NYSE) at 40, Coke (KO:NYSE) at 55, you get the picture. Then I will go in and buy. Even in 1990 you got a chance to buy things if you were nimble. Longer-term people, forget about it. We just aren't there yet. We will be there when the problems that caused this get resolved, not when we get to interesting price levels.

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