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[Ulisses Pereira]

"Money In, Stocks Up"

By James J. Cramer
04/21/2003 08:27 AM EDT


"Money in!

It's amazing, given that it's tax time, but the equity markets actually got money in last week. Billions in, actually, according to the keepers of that kind of data. $5 billion, to be exact. And -- wouldn't you know it? -- because the addiction can't be kicked, one-fifth of it went to the most aggressive cohort.


And people wanted to know why PMC-Sierra and KLA-Tencor suddenly started going up.

I think one of the things we have to accept about this market is that when money comes in some stocks are going to go up whether they should or not. You may decide to come up with reasons after the fact for the rallies -- if Intel is good, forget what Novellus said, it's going higher. But I've vowed that when the money goes back to the momentum funds this time, we should call it as we see it and accept the fact that many mutual fund managers out there simply have no idea what they are doing, and they just buy what they always bought.

Isn't that the lesson, for example, of Janus, which despite protestations totally to the contrary, feasts on overvalued stocks like eBay, Yahoo! and Amazon?

Again, I'm not saying these are bad companies. They are good companies. But the days when we can justify their valuations on anything are over.

They're going up because of money in. Nothing has changed, after all. "

(in www.realmoney.com)