Those miserable pajama traders, the ones who took the market up in the morning, got it wrong again. What were they basing their judgments on? World events, meaning that President Trump didn't stir up anything big this weekend? The T-Mobile (TMUS) -Sprint (S) deal, even as they both went down? McDonald's (MCD) ? Oops, no, that wasn't out until 8 a.m.
Nope, it was all based on nothing.
Not only that but the sell program that hit Monday showed you that there were no buyers underneath whatsoever. They just vanished the moment the tech selling came in, starting with Microsoft (MSFT) , which was up so nicely at 4:30 a.m.
We have to come to terms with the idea that if there is really nothing happening and the market goes up that it's not necessarily a good idea to chase.
In fact, it is just stupid, something I will be talking about at my Boot Camp speech this Saturday (see below). People just keep losing money like this and I feel that we are in still one more bout of investors leaving the building because they have just had it, had it to the point that it's just not worth being involved.
So, once again, I implore you, don't bet with the pajama traders. Invest with conviction; these bozos certainly don't have it.
Join Jim Cramer May 5th for TheStreet's Boot Camp for Investors
Meet Jim Cramer and more than a dozen top market experts on Saturday, May 5, in New York for How to Diversity Your Portfolio: A Boot Camp for Investors.
- An exclusive market update from Jim.
- A keynote interview between Jim and PayPal CEO Dan Schulman.
- Break-out panels with top market experts like Tony Dwyer, chief market strategist at Canaccord Genuity; Mike Hanson, senior vice president of research at Fisher Investments; and Peter Hug, global trading director with Kitco Metals.
- Roundtable discussions with TheStreet's Carley Garner, Stephen "Sarge" Guilfoyle, Bob Lang and other columnists.
All attendees will also receive a free one-year subscription to our newest premium Web site, Retirement Daily (a $99 value).
Where: The Convene Center, 117 W. 46th St., Manhattan, New York
When: Saturday, May 5, 8:55 a.m.-2:45 p.m.
Special price for Real Money and Real Money Pro subscribers: $149. Includes a free one-year subscription to Retirement Daily (a $99 value)