Cramer: "News Doesn't Matter: We Want Stocks"
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Cramer: "News Doesn't Matter: We Want Stocks"
"News Doesn't Matter: We Want Stocks"
By James J. Cramer
RealMoney.com Columnist
11/4/2004 12:35 PM EST
" "Market Shrugs Off Housing Woes, Advances on Bush Press Conference?" "Market Shrugs Off Housing Woes, Advances on Arafat Death?"
That's a headline that could be run, of course. It makes as much sense as anything else out there. Personally, I like to fall back to "animal spirits," my shorthand for "the tape wants to go higher because people feel good right now, they feel that a big weight has been lifted and they want in the market because they think it is going higher."
The fact that the Lennar (LEN:NYSE - commentary - research) news didn't have more of an impact is astounding. A few months ago on that news we would be down huge. A few months ago we would be shaking our heads about the consumer, especially in light of the car sales yesterday.
The presser? Not much new. Arafat? I don't trade on karma, good or bad, so I can't go there.
Right now, though. Doesn't matter what the reason. The only operative fact is that we shrug off bad news. We are in "up mode." People want to buy stocks. They want to buy stocks on any weakness.
There are tons of people I know, good managers, saying that tomorrow's employment number is important, that it could wash away what's been happening here. Dream on. The weakness that comes -- if there is weakness -- will be made by buyers. In fact, I think that a number that triggers selling, whatever the heck the number is, will bring in a fresh wave of buyers almost immediately.
Why do I know this? Cause I feel it, too. I have cash. I won't break my discipline. I want stuff to come in first.
So does everyone else.
Which is why this tape feels the way it does. "
(in www.realmoney.com)
By James J. Cramer
RealMoney.com Columnist
11/4/2004 12:35 PM EST
" "Market Shrugs Off Housing Woes, Advances on Bush Press Conference?" "Market Shrugs Off Housing Woes, Advances on Arafat Death?"
That's a headline that could be run, of course. It makes as much sense as anything else out there. Personally, I like to fall back to "animal spirits," my shorthand for "the tape wants to go higher because people feel good right now, they feel that a big weight has been lifted and they want in the market because they think it is going higher."
The fact that the Lennar (LEN:NYSE - commentary - research) news didn't have more of an impact is astounding. A few months ago on that news we would be down huge. A few months ago we would be shaking our heads about the consumer, especially in light of the car sales yesterday.
The presser? Not much new. Arafat? I don't trade on karma, good or bad, so I can't go there.
Right now, though. Doesn't matter what the reason. The only operative fact is that we shrug off bad news. We are in "up mode." People want to buy stocks. They want to buy stocks on any weakness.
There are tons of people I know, good managers, saying that tomorrow's employment number is important, that it could wash away what's been happening here. Dream on. The weakness that comes -- if there is weakness -- will be made by buyers. In fact, I think that a number that triggers selling, whatever the heck the number is, will bring in a fresh wave of buyers almost immediately.
Why do I know this? Cause I feel it, too. I have cash. I won't break my discipline. I want stuff to come in first.
So does everyone else.
Which is why this tape feels the way it does. "
(in www.realmoney.com)
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