Cramer- "It's Still Too Early to Buy"
Enviado: 22/9/2003 23:28"It's Still Too Early to Buy"
By James J. Cramer
09/22/2003 03:07 PM EDT
"Gold: wrong direction. Oil: wrong direction. Dollar: wrong direction.
Stocks, right direction?
I don't think so.
That's the problem with stepping in right here and buying the dip. It is too early given all of those other headwinds. And they are headwinds.
It is OK that gold spikes at the beginning of an economic resurgence. It is not OK, though, when it spikes daily, even though there is little inflation. That's a sign that something's wrong with financial instruments.
Stocks are financial instruments, despite our industry's best attempts to get you to borrow against them like they are houses.
I think that it is best to have something to hang your buying on, something like some stability in the dollar or a continued decline in oil.
Right now, though, we have an overbought condition in the bonds that I think could lead to a slingshot right up to 4.65%. That's where the fretters will come out in full force and the best opportunity to buy in this selloff will occur.
Let's wait.
(And if it keeps rallying here, I would do some trimming.) "
(in www.realmoney.com)
By James J. Cramer
09/22/2003 03:07 PM EDT
"Gold: wrong direction. Oil: wrong direction. Dollar: wrong direction.
Stocks, right direction?
I don't think so.
That's the problem with stepping in right here and buying the dip. It is too early given all of those other headwinds. And they are headwinds.
It is OK that gold spikes at the beginning of an economic resurgence. It is not OK, though, when it spikes daily, even though there is little inflation. That's a sign that something's wrong with financial instruments.
Stocks are financial instruments, despite our industry's best attempts to get you to borrow against them like they are houses.
I think that it is best to have something to hang your buying on, something like some stability in the dollar or a continued decline in oil.
Right now, though, we have an overbought condition in the bonds that I think could lead to a slingshot right up to 4.65%. That's where the fretters will come out in full force and the best opportunity to buy in this selloff will occur.
Let's wait.
(And if it keeps rallying here, I would do some trimming.) "
(in www.realmoney.com)