Rev Shark: Forget Your Worries
This article originally appeared on April 29, 2013 on Real Money. To read more content like this + see inside Jim Cramer's multi-million dollar portfolio for FREE. Click Here NOW.
When even the folks on CNBC are talking about how the market never corrects and how illogical the action has become, you have to worry a little bit. On the other hand worrying has been very expensive behavior lately. You have to forget the worries and learn to love this market.
There isn't much new that can be said about this market. News is irrelevant and technical patterns don't matter. In the old days when charts were important, a low volume, V-shaped bounce to recent highs would attract selling and shorting. In this market, that sort of action seems to generate more chasing and greater frustration for underinvested bulls.
What is most notable about the market is how strong the underlying support seems to be. You get the feeling that there are so many folks anxious to buy a pullback that we will never see any real weakness again.
Keep plugging away and respect the price action. Trying to find reasons why it won't last is the worst thing you can do.
Have a good evening. I'll see you tomorrow.
April 29, 2013 | 1:53 AM EDT
Think Less, Profit More
Come up with all the brilliant arguments you like, but only one thing really matters.
One of the easiest mistakes to make in this market is to think too much. Once you start questioning the action and coming up with reasons why it can't continue, you are in trouble. Sure, you can come up with brilliant arguments about why this market is doomed, but no one cares. This market is all about putting cash to work and that is all that matters.
The attitude that news and technicals don't matter has given the action an odd feel. Here we are hitting multiyear highs and the primary emotion is frustration. We have yet to see the sort of euphoria that we had at prior highs in 2008 and earlier.