Pick and Roll

We don't know. We don't know if this is it. We may have reached some level, but who the heck knows.

If you have been picking, I think you can be done for the day unless we sell off big from here.

What I like to do with my picking if I can trade is to be ready for a whoosh rally upward after what looks to be a lot of crescendo selling. Don't forget, options, no common control here.

If you were buying Boeing (BA - commentary - Cramer's Take), for example, you are done unless it takes out $83. If it rallies to the strike, you have a terrific trade.

Understand this is not some sacred or even interesting level for the bulls. You can't hang your hat on this level and say, "This is where we will make our stand."

That's why you have to pick.

Don't get your hopes up too much if you are bull. It is too early.

But we have cleaned out a lot of selling and we have taken apart every group that was up big. Except for ethanol.

That could still happen.

Oh, and by the way, gold bugs, the No. 1 name is no longer Goldcorp (GG - commentary - Cramer's Take) -- crummy quarter. It is Anglo American (AAUK - commentary - Cramer's Take), which has really been trashed.

ALL JIM CRAMER BLOG ENTRIES | POST A COMMENT | READ COMMENTS  

---

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Listen to Cramer's RealMoney Radio show on your computer; just click here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

TheStreet.com has a revenue-sharing relationship with Traders' Library under which it receives a portion of the revenue from Traders' Library purchases by customers directed there from TheStreet.com.