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"Earnings May Trump Iraq Woes at Last"

By James J. Cramer
RealMoney Columnist
4/13/2004 8:57 AM EDT



"Maybe the more violent types in Iraq are playing the expiration to the long side.

Maybe they're taking down mammoth out-of-the-money SPXs, knowing that if they don't cause any more mayhem, the market will lift.


Or maybe some of the bigger Republican fundraisers have reviewed the President's comments tonight and deemed them not as horrible for the markets as everything else Bush has done lately.

Lotta maybes.

But when you talk about the market these days, if you don't figure out how the terrorists in Iraq are gaming us with their anti-Americanism, you miss a really good trade.

Yeah, it is that bad, that nightmarish. Last night we had Jerry Byrne on "Kudlow & Cramer." He's one of the money managers who writes for Street Insight. He pegged this market perfectly, saying that ever since the Fallujah nightmare, when they burned and mutilated those four guys from next door, we all realized that it ain't working. And because it ain't working, we can't just focus on employment and earnings. It's re-war time.

Today's the test of that thesis. Today we have so much earnings news that it could bump the Iraqi horrorfest out of the spotlight for a few hours, terrorists willing.

I want to say that today's the day earnings will take center stage. I am going to try to think that way. But, then again, I am like a chameleon, simply trying to replicate the easily distracted mind of the market.

Let's see how it plays out. "

(in www.realmoney.com)