Replies to post #16188 on The Black Box

[Chris McConnel]

That would be nice. Still holding some QQQ calls.

[sylvester80]

So what's the rumor? :)

[Chris McConnel]

James J. Cramer
Looking Forward to a Relief Rally
By James J. Cramer
RealMoney Columnist

5/6/2004 11:39 AM EDT
URL: http://www.thestreet.com/p/rmoney/jamesjcramer/10158786.html

Market Analysis
• Everything's getting hammered equally.
• When the jobs data come out, investors will be relieved that it's finally 'in' the market.
• Watch for a relief rally.

You don't need a cannon or a howitzer to knock this market down. You can knock it down with a feather. You can point at it and knock it down. Today's one of those days when you have the stocks of companies that are doing well getting hammered and the stocks of companies that are doing poorly getting hammered. There you go. That's nice consistency.

Frankly, it's a blessing. This way, no matter what employment number we get on Friday, we should catch an updraft, if only because everyone will say that the bad number -- whatever it is -- is now "in" the market.

What's weird about this decline is how measured and slow motion it is. It's just rolling over before our eyes, almost as if a couple of hotshot young Turk hedge fund managers are leaning on the futures. Wouldn't that be a shocker?

Of course, not everything is beyond redemption. Electronic Arts (ERTS:Nasdaq) is up now that Sony's (SNE:NYSE) getting out of the sports games biz. Viacom's (VIA.B:NYSE) up because the shorts overstepped their bounds with that Wall Street Journal article. BP's (BP:NYSE) up because it's an oil and oils still go up every day.

Otherwise, it's just a depressing day, another depressing day, on the way to a relief rally tomorrow.