5/7/01 7:33 AM ET Click here for the latest from James J. Cramer.
The employment number hasn't been this weak since... February 1991! How many times did you hear that phrase on Friday? And people wonder why the market went up? Anyone who has played this game over a 10-year period knows that February 1991 was one of the last great buying opportunities for just about every kind of stock imaginable. I played it last time with a big infusion of cyclicals, banks and tech. Others played it just with tech, and still others made a killing in the bond market as the short rates came down dramatically and the long rates stayed high.
It was the best of all times for financial instruments, with a Fed motivated to bring down rates and companies getting the benefit of a yield curve that allowed them to buy cheap inventory and create merchandise with big margins.
That's what is going to happen now. That's why the stock market made sense on Friday. Don't out-think this time. You will regret it. If you are still fighting this tape or still carrying maximum cash reserves, you must deploy into any weakness.
This is such a bullish moment that even the troika, Cisco(CSCO:Nasdaq), Sun Micro(SUNW:Nasdaq) and Oracle(ORCL:Nasdaq), no longer bothers me as an investment concept.