Overdue for a Slide

Boy, they sure give it up faster than they make it! And that's what this market's about today. If you parse the minutes, you are going to get the same pabulum that sent us up last time. But we were overbought then. We are oversold now.

I believe the media will now look at the averages and decide there must be something new behind the action and look for it, or make it up to suit editors and managing editors and executive editors and the like.

To me, this is just the usual dance. We have had too many shorts cover and too many longs get too bold.

If you haven't taken anything off the table yet, perhaps you should. I just sold out of a ne'er-do-well position for Action Alerts PLUS. Those must be jettisoned so that when you read the articles that are positioning for upcoming Fed interest rate increases -- untrue, but easily written about -- you are not going to get crushed by the decline. Plus, we haven't had a subprime blowup since Monday.

Overdue.

Random musings: Gold Fields (GFI - commentary - Cramer's Take) bid a hoax! Ouch. Still believe that a mineral company could go, but an oil company would be more likely.

At the time of publication, Cramer had no positions in any of the stocks mentioned in this post.

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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. Watch Cramer on "Mad Money" weeknights on CNBC. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his 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.

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