Cramer: "Bargain Time Is Almost Here"
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Cramer: "Bargain Time Is Almost Here"
"Bargain Time Is Almost Here"
By James J. Cramer
RealMoney Columnist
3/9/2004 11:26 AM EST
"Not yet. Not with Texas Instruments (TXN:NYSE - commentary - research) down badly on that picture-perfect quarter. Not with General Electric (GE:NYSE - commentary - research) not holding the print price and the stock sloshing about everywhere. Not with Intel (INTC:Nasdaq - commentary - research) breaking down. Not with the BKX and the SOX breaking down.
But we are getting there.
We are in the process of having people give up on this market. When we read that people are selling stocks because they see other people watching CNBC, we are getting there. When we have great news like Texas Instruments saying business is excellent and the stock getting hammered, that too is part of the process. When we have the brokers correcting ahead of the earnings -- thank heavens -- that's part of the process, too.
A year ago, we had an exquisite moment when all the negatives were priced in but none of the positives got any credit. That was a fantastic time to buy.
We now read, in the anti-bubble fashion of the press, that anything we make now will be crumbs, that all the money's been made, blah, blah, blah.
It reminds me of all the times in 1983, 1984, 1985 and 1986 when people said that if you hadn't bought in October 1982, you were a big-time loser and that all of the big money had been made. It reminds me of how people felt in 1992 when they realized that they had missed the bottom from the first Gulf War. It's over; opportunities are now foreclosed.
Of course, it never works like that. There are always opportunities and bull markets. Sure, you can't throw darts at it like you could at the time of the exquisite moment, but the idea that big money can't be made now is just plain wrong. You make big money when you buy after the market has come down and priced merchandise to levels that represent bargains.
That's the process that is going on right now. We are getting there. Can't get negative as we get there. That's counterintuitive.
By the way, when the exquisite moment occurred that we all now take for granted, it was considered to be an incredibly dangerous time to buy.
A little bit like now. When it gets to be a lot like that now, we will have another moment -- maybe not exquisite, but certainly darned good. "
(in www.realmoney.com)
By James J. Cramer
RealMoney Columnist
3/9/2004 11:26 AM EST
"Not yet. Not with Texas Instruments (TXN:NYSE - commentary - research) down badly on that picture-perfect quarter. Not with General Electric (GE:NYSE - commentary - research) not holding the print price and the stock sloshing about everywhere. Not with Intel (INTC:Nasdaq - commentary - research) breaking down. Not with the BKX and the SOX breaking down.
But we are getting there.
We are in the process of having people give up on this market. When we read that people are selling stocks because they see other people watching CNBC, we are getting there. When we have great news like Texas Instruments saying business is excellent and the stock getting hammered, that too is part of the process. When we have the brokers correcting ahead of the earnings -- thank heavens -- that's part of the process, too.
A year ago, we had an exquisite moment when all the negatives were priced in but none of the positives got any credit. That was a fantastic time to buy.
We now read, in the anti-bubble fashion of the press, that anything we make now will be crumbs, that all the money's been made, blah, blah, blah.
It reminds me of all the times in 1983, 1984, 1985 and 1986 when people said that if you hadn't bought in October 1982, you were a big-time loser and that all of the big money had been made. It reminds me of how people felt in 1992 when they realized that they had missed the bottom from the first Gulf War. It's over; opportunities are now foreclosed.
Of course, it never works like that. There are always opportunities and bull markets. Sure, you can't throw darts at it like you could at the time of the exquisite moment, but the idea that big money can't be made now is just plain wrong. You make big money when you buy after the market has come down and priced merchandise to levels that represent bargains.
That's the process that is going on right now. We are getting there. Can't get negative as we get there. That's counterintuitive.
By the way, when the exquisite moment occurred that we all now take for granted, it was considered to be an incredibly dangerous time to buy.
A little bit like now. When it gets to be a lot like that now, we will have another moment -- maybe not exquisite, but certainly darned good. "
(in www.realmoney.com)
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