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To: MythMan who wrote (241857)	5/21/2003 11:38:21 AM
From: Lucretius	Read Replies (1) \| Respond to of 436258

check again

To: MythMan who wrote (241857)	5/21/2003 12:17:48 PM
From: Lucretius	Read Replies (4) \| Respond to of 436258

this one is a keeper.... lol Ten Reasons to Relax While We Meander By James J. Cramer 05/21/2003 10:52 AM EDT Click here for more stories by James J. Cramer We are still paying the piper for our 1,000-point gain. You can't get that kind of gain and think that you don't have to do some consolidating and some meandering. And that's just what we are doing. Why aren't I more worried that we are going to give up more? Let's go over the reasons again -- not the reasons I think this is the single-greatest moment to buy, but the reasons I think that after you have trimmed back some stocks, you will want to buy again when we have fewer bulls and more shorts. 1. Companies, for the most part, are tracking to expectations. Here it is past the midpoint in the quarter and I continue to hear encouraging reports about how things are going. 2. The dollar's slide, while not "great news" per se, currently is in the "help us" mode for many of the companies I follow. When it gets to be a crisis, meaning when the dollar starts falling precipitously every day -- and that is not what is happening -- I will be more concerned. Perhaps people have forgotten how the euro went down every day when it started and people were freaking out left and right about it. These things run their course. 3. The money in Treasuries is money that could come out to high-quality stocks that pay dividends. 4. The decimated sections of the economy, such as cable, telecom, power merchants and airlines, have stabilized and improved. That in turn makes the lending banks more liquid. (Notice how little the BKX has given up during this period even though the banks are historic strong-dollar beneficiaries.) 5. Stocks, while not cheap, could be cheap on next year's earnings, which is something we as a market will be focused on come Memorial Day. Ten Reasons to Relax While We Meander Page 2 6. Semiconductor orders are doing better. That's an important lead to a stronger economy. 7. The Federal Reserve is pumping and pumping and pumping. 8. The Fed can buy longer-term bonds and move those rates down, which will stimulate re-financings. (Greenspan just said that today.) 9. Oil prices have come down, helping boost consumer confidence. 10. In this low-inflation environment, other normally competitive assets like bonds, gold and real estate have had such a run that it seems imprudent to invest in them instead of stocks right now. The other asset classes just aren't that competitive. An emailer asked me to reconcile my view with Bill Fleckenstein's, an amusing request. Here's how you can reconcile it: One of us is and will be wrong. Could it be me? Of course. Have I been wrong at times? Yes. Has Bill been wrong at times? Yes. Let's see what happens. I can tell you that, as always, I am betting on my thesis and I make everything public about my bets. If I am too bullish and the market gets hammered, it will be quite evident that I messed up. So be it!