"Solace Seems Elusive in the Global Marketplace"
By James J. Cramer
RealMoney Columnist
5/10/2004 7:43 AM EDT
"Looking for solace, globally, and can't find any at all. Lots of people had taken to hiding in Japan, but that market gave up a year's worth of gains overnight, all on some negative telecom story that seemed obvious and yet still freaked everybody out.
Meanwhile, it is dawning on people that the Fed's go-slow response is, if anything, completely and utterly "measured," and it's still being too patient. Can the Fed really not move until June? If we get high inflation numbers this week, won't the market just get hit further?
In the meantime, we search for something that seems discounted -- the war, higher oil prices, the higher dollar, higher rates, slower China -- and keep coming back to an equity market that seems to have discounted nothing, or that has discounted everything anew each time it hits the tape.
At some point, the sidelined money has to kick in, and at some point, the oversold market must bounce. At some point, we should get the "whoosh" where we open down big and rally.
At some point, it will be a mistake to sell.
Let's just say -- politely -- that we still haven't reached that point. "
(in
www.realmoney.com)