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[Ulisses Pereira]

"Market's Glass Is Half-Full"

By Jim Cramer
RealMoney.com Columnist
11/14/2007 9:07 AM EST


"Can't believe it. After that large rally Tuesday, we are still dramatically oversold on the oscillator I follow and ripe for any positive news to send us higher.


And we just got good news in spades:

Bear Stearns (BSC - commentary - Cramer's Take - Rating) is back in the game and ready to play, even if a lot of its game has dried up -- notably mortgages. We suddenly decide that we can trust Bear and we take it at its word. We would have thought they were lying a few weeks ago.
The Fed has a green light to cut rates off the PPI report, which is really benign.
Commodities are stabilizing. Remember, we actually need that to avoid the recession talk.
We are always in forgiveness mode when we get this oversold. Revisions that normally would be viewed critically aren't. Take, for example, the further write-down of bad loans by Bank of America (BAC - commentary - Cramer's Take - Rating) after a recent statement saying they were contained.

Or E*Trade (ETFC - commentary - Cramer's Take - Rating). Mitch Caplan cancels a meeting and we think that he has a buyer for the company, not such chaos that he can't speak.

Or how about Apple (AAPL - commentary - Cramer's Take - Rating) and Research In Motion (RIMM - commentary - Cramer's Take - Rating), now that they have no Cisco (CSCO - commentary - Cramer's Take - Rating) taint? Oracle (ORCL - commentary - Cramer's Take - Rating) says business is fine and that's interpreted as a glorious refutation of Cisco.

That's what happens when we oversold. We get innocent until proven guilty. I wouldn't be surprised if these horrid retail earnings even against guided-down numbers will cause the group to rally further.

Many amateurs -- and I am uniquely focused on amateurs because of their daily attacks on me on our own sister site, Stockpickr --don't understand psychology. When we have gone down so much that the either the sellers say "We can't take these prices" or the buyers say, "We have to buy these prices because stocks are just too cheap, even the Apples and the RIMs," you can look at the glass as being half-full. They will make retail sales and PPI look even better.

When will the amateurs learn this? When they are no longer amateurs! "

(in www.realmoney.com)