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"Don't Worry About This Unjust Market -- Accept It"

By Jim Cramer
RealMoney.com Columnist
1/23/2008 12:20 PM EST


"Suspend justice. Right now. Don't say to yourself, "Wait, Conoco (COP - commentary - Cramer's Take - Rating) reports a great quarter, and people sell it and buy Ambac (ABK - commentary - Cramer's Take - Rating)?"

Don't even ponder the notion that you can't believe that Cia Vale do Rio Doce (RIO - commentary - Cramer's Take - Rating) is making so much money, and yet people sell that and like Merrill Lynch (MER - commentary - Cramer's Take - Rating).

Recognize that the refinancing that is going on right now, the gigantic financing wave, is reliquefying the American consumer and inspiring people to buy retailers in anticipation of the surge in spending that refinancing always brings in addition to the coming stimulus package.

Do not be angry that Peabody (BTU - commentary - Cramer's Take - Rating) is making so much money, yet people are buying Liz Claiborne (LIZ - commentary - Cramer's Take - Rating) and Bank of America (BAC - commentary - Cramer's Take - Rating). XTO Energy (XTO - commentary - Cramer's Take - Rating) is going down even though it will beat numbers, and Ralph Lauren (RL - commentary - Cramer's Take - Rating) goes up even though it misses? Refis and stimulus. They will work together to justify that buying.

That's what happens during the early cycle shift. Again, the Fed's cuts, combined with the stimulus and the refis, will drive this economy six months from now. Turbocharge it as a way to save Washington Mutual (WM - commentary - Cramer's Take - Rating) and Countrywide (CFC - commentary - Cramer's Take - Rating).

It is what happens when people recognize that the worst is over. This is exactly what happened in 1990 when the Fed got engaged. We just can't believe that they are engaged. They are breaking the leadership and finding new leaders even as justice seems very awry.

I think it is obvious that the Fed learned something we don't know, some bank that couldn't make its payments, some recognition that BAC and Wells Fargo (WFC - commentary - Cramer's Take - Rating) and Wachovia (WB - commentary - Cramer's Take - Rating) and Citigroup (C - commentary - Cramer's Take - Rating) and Wamu were going to be so hobbled that the lending system in this country could collapse.

When the Fed panics, you have to break out the early cycle playbook. It is so maddening to go in and buy Whirlpool (WHR - commentary - Cramer's Take - Rating) and Black & Decker (BDK - commentary - Cramer's Take - Rating) and sell both safety and oil, both of which will print great numbers, but that's the way it goes. That's what people buy when they get money from the Fed, and they get to refinance.

It is what happens.

Accept it.

Stop questioning the justice of it all. Doesn't mean you have to buy into it. Does mean you have to understand it.

Would I rather buy Freeport McMoRan (FCX - commentary - Cramer's Take - Rating) down 10 than VF Corp. (VFC - commentary - Cramer's Take - Rating) up 10? Yes.

But right now that's wrong.

Just want to explain it.

At the time of publication, Cramer was long Citigroup, Freeport McMoRan and XTO Energy. "

(in www.realmoney.com)