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Pastimes : James Cramer Skeptic Thread -- Ignore unavailable to you. Want to Upgrade?

To: taxikid who wrote (992)	12/1/1998 11:15:00 AM
From: Pancho Villa	Read Replies (2) \| Respond to of 1254

the guru speaks and raises the $80K question. Will he get glory or egg on his face? Wrong! Dispatches from the Front: Don't Miss Out By James J. Cramer 12/1/98 8:37 AM ET The whole thing was phony. The transports never confirmed it. Shorts squeezed the market up. It was a huge bubble, aided by the Fed's needless panic. It didn't belong above 9000 before and it does not belong above 9000 now. Hideous double top. The Net made us do it. Onsale.com (ONSL:Nasdaq) is right. Markdowns a-coming. Okay, there. I did it. I articulated the whole bearish rap. Steel yourself. You will hear it so many times today that by the end of the day you will believe it. You will be the Manchurian Sell Candidate, brainwashed into believing that the rally wasn't powerful at all, chimerical yes, heavyweight no. As the market wallows in red ink today, can we remember a couple of reasons why we got here? One is that the Fed took decisive action to make things better. That moved and can continue to move the market. Two is that interest rates are going lower, making bonds less competitive against stocks. Three is that earnings, which everyone tells you won't be there, probably will be there. East Asia is improving, despite what the dour-meisters might tell you. These positives aren't going away. They will just be obfuscated by talking heads and columnists who are bent on telling you how you can't make money. Look, I am not against taking profits. I would still take profits in some of the less worthy Net stocks. I just don't want to give up on this market. That would be wrong. Steel yourselves. Opportunity is coming. Don't be blind to it. PS: I guess he will be careful to also post a note with the appropriate bearish tone so that he gets it right either way.