POS sighting.....Azw3 says he sees longhorn market....he obviously stopped by and saw newly coronated Ralphie riding down the street on the longhorn's horns...
geocities.com
A True Longhorn Tape
By James J. Cramer
3/11/99 11:12 AM ET
This market likes a good story. Take Citigroup (C:NYSE). It's all over the papers this morning that the top honchos are selling shares. I take no chances and bolt at the opening. I can't believe I get such good prices-off a small fraction from yesterday's close. I am high-fiving Jeff on our good fortune.
Next thing you know, Seth Tobias is on CNBC's "Squawk" saying how Citigroup is going to blow away the numbers, and the stock jumps ¾ right then and there. When the market likes the words of a hedge fund manager more than the deeds of the bosses, we are in a real bullish mode, a Texas Longhorn bullish mode.
Of course, it doesn't seem like it when you don't have tech breaking out. Micron (MU:NYSE) preannounces a better-than-expected quarter and the stock looks up huge, and then we discover that it is not a true preannouncement and the stock is up less, and then it turns out that everybody knew it anyway, so the stock does nothing.
Meanwhile the Net? How does this grab you? There are hundreds of thousands of shares of America Online (AOL:NYSE) for sale-institutional ones-and the stock doesn't get hit. As you know, I am long AOL, but there was a time when word was out about a huge seller of AOL and it would drop five points in a straight line. Every hedge fund bozo would be out there shorting it and buying puts. Now it stays up. And gets stronger as supply begets demand. That's a sea change.
Random musings: You want to know what makes me sick about this business? I have a 13-D position in a company that makes doors, Morgan Products (MGN:NYSE), and it has been a real bow-wow. Just hideous. Not a buyer in sight for months and months. Then yesterday, there are buyers all over the place, and this little moribund 2 7/8 stock starts ramping, with guys tripping over themselves to get in the darn thing. Of course, today it gets a bid. Just plain crummy in my book. |
