It's No Longer Too Early to Buy

We are still in the "St. Johns" part of the war curve; not close enough for Karen's liking, but given the deadline of next week, not too early to get started, especially if you are running big money.

But to boycott this moment entirely, when we could be about to clear up a major negative, is too dangerously conservative.

It is the reason I started to put some of my cash hoard to work for my Action Alerts PLUS portfolio this morning.

We are now too late to sell and not too early to buy anymore.

Random musings: I always thought that if you disclosed your short position, that would shield you from investigation. Judging from this morning's news, though, that's no longer the case. Disclosure doesn't stop the regulators. And that's just wrong. It is ridiculous that there are folks who are getting away with pumping and dumping Pre-Paid Legal Services (PPD - commentary - Cramer's Take), but others find themselves in the regulators' crosshairs for offering a reasoned view of why you might be short MBIA (MBI - commentary - Cramer's Take), which seemed like an intellectually interesting short, or ditto a Farmer Mac (AGM - commentary - Cramer's Take). Of course, the real problem here is, "Are the regulators sophisticated enough to know that they are chilling potentially good advice?" I don't think they are sophisticated enough. But I am going to do my best to show them that they are, and I hope I can before the witch hunt gets too out of hand -- if it isn't already.

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James J. 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. At the time of publication, Cramer was long J.P. Morgan and Target. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to [e-mail]. Click here to buy Cramer's latest book, "You Got Screwed!" Click here to order Cramer's autobiography, "Confessions of a Street Addict."