Novos contratos de arrendamento com maior queda desde a pandemia

[Ulisses Pereira]

"Earnings Validate Runs Now, Not Cause Them"

By James J. Cramer
11/14/2003 08:57 AM EST


"Dell's good. Applied Materials is good. So tell me, what else is new?

That's the market's reaction so far, given the run these stocks have had. The earnings themselves have become validators of the runs, as opposed to the instigators of the runs themselves.


That's a relatively new posture. It says that the big gains no longer come when the earnings are reported. It says they come in between, when big mutual funds take a look at the whole panoply of who has reported and who might report better and then sink their teeth in.

Think about it. All of the big moves used to be caused by companies reporting great quarters and then mutual funds stepping up to buy more and hedge funds stepping up to cover shorts.

That pattern isn't playing out anymore.

Instead we run in anticipation, then mark time on the report and then run in anticipation again.

Unless a company messes up.

This new paradigm puts a premium on patience and a discount on action.

Not bad, not bad at all. "

(in www.realmoney.com)