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[Ulisses Pereira]

"Stock Bargains Aren't Here Just Yet"

By Jim Cramer
RealMoney.com Columnist
1/7/2008 12:59 PM EST

"Believe me, I want to be more positive. I am getting a lot of hate mail asking how can I turn so negative now, when we are down so much.


That's just out-and-out nonsense. First of all, no one has been more unwavering about oil, ag, infra and the recession stocks (Coke (KO - commentary - Cramer's Take - Rating)-a-Mo (MO - commentary - Cramer's Take - Rating)).

More important, I have tried mightily to be more positive on tech and all it has done is cause me and everyone who believes in me to be annihilated.

I guess I could keep annihilating people by telling them how much I like Corning (GLW - commentary - Cramer's Take - Rating) and EMC (EMC - commentary - Cramer's Take - Rating) and H-P (HPQ - commentary - Cramer's Take - Rating). But what the heck is the point?

I like them. But to bang the drum? I have no edge at all. The analysts are uniformly saying that the earnings are slowing. The economy is certainly slowing. Why jump up and down and say "bet against the market"? Intel (INTC - commentary - Cramer's Take - Rating) is down 5 straight points but what data point do I have to turn that around? On Friday's "Mad Money" I mentioned that I like Microsoft (MSFT - commentary - Cramer's Take - Rating) only right now as a stock that can be bought without a lot of risk. EMC/Corning/H-P, the stocks I own for Action Alerts PLUS, have demonstrated a degree of risk that I didn't fathom.

Now, I do believe that bargains are developing. But I want the market to be more oversold than it is -- it still isn't at all -- so I don't cost people money the moment they buy.

But to say that I got this market wrong is simply to say that everyone got this wrong, except those who were 100% everything but ag going into the year.

I didn't get that call.

Maybe the hatemailers did.

Random musings: A good example of the need to be more prudent and less bullish is my embrasure of NYSE Euronext (NYX - commentary - Cramer's Take - Rating). It has put out two positive news releases in two days -- about growth in volume and growth in listings -- and it has fallen 7 straight points. That I am supposed to be crazy about?

At the time of publication, Cramer was long Altria, Corning, EMC, Hewlett-Packard, NYSE Euronext. "

(in www.realmoney.com)