Tarifas só em agosto podem salvar prendas de Natal

[Ulisses Pereira]

"Get Used to It"

By Jim Cramer
RealMoney Columnist
3/1/2011 6:14 AM EST

"Lots of bull market patterns have been reasserting themselves which has to be driving nuts those people who have only played through the last decade. That's right, it has been a decade since you: 1) expected a takeover or multiple takeovers on Monday; 2) expected aggressive buying at the close of a month; and 3) anticipated huge money in at the beginning of a month.

For those of you not around long enough, suffice it to say that the last time I have seen a market like this was at my hedge fund where I always felt compelled to cover my shorts two days before the end of the month and put them back out on the afternoon of the first day of the new month. There was just too much money coming in and too much joy in the process of stocks.

Not only that, but it is worse for the shorts because 1) the hedge fund community is much, much bigger than the last time we had such a bull market, and 2) the long-short exposure is all about the shorting the exact same stocks, either the big industrials (Caterpillar (CAT - commentary - Trade Now), Freeport (FCX - commentary - Trade Now), Potash (POT - commentary - Trade Now), Deere (DE - commentary - Trade Now), Eaton (ETN - commentary - Trade Now), Joy Global (JOYG - commentary - Trade Now), 3M (MMM - commentary - Trade Now)) or the high-flying techs (F5 (FFIV - commentary - Trade Now), Apple (AAPL - commentary - Trade Now), Salesforce.com (CRM - commentary - Trade Now), Amazon (AMZN - commentary - Trade Now), Netflix (NFLX - commentary - Trade Now)) with Priceline (PCLN - commentary - Trade Now), Chipotle (CMG - commentary - Trade Now) and Panera (PNRA - commentary - Trade Now) thrown in.

And when the shorts really get jiggy, hey go after the Apple cohorts like Skyworks (SWKS - commentary - Trade Now), Cirrus Logic (CRUS - commentary - Trade Now), Micron (MU - commentary - Trade Now) and Broadcom (BRCM - commentary - Trade Now).

And that's the list, over and over and over again.

The biggest flaw in their methodology is that the money that flows into the market goes precisely into those two cohorts so that the bear case gets dissolved in what the hedge fund guys always call "the liquidity trade," which, in English means "dumb guys piling in to the same thing because they like it so much."


I say after three straight months of up, get used to it. Things have changed. We can have bad geopolitical events and they won't go away and they will ding us for 2%-3%-4% unless it is Saudi Arabia/Bahrain/Oman/Kuwait which is probably more than 10%. But the complexion of the market has certainly changed and I don't think that's going to change back any time soon.

At the time of publication, Cramer was long Apple, Caterpillar and Deere. "

(in www.realmoney.com)