This column was originally published on RealMoney on Aug. 17 at 8:38 a.m. EDT. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here.

Now, even though in all likelihood

the markets have been saved by the

Fed's

cutting of the discount window rate this morning, we can't forget that

the rules worked again:

1.

Never sell into a panic: The

Dow

being down 300 Thursday was a buy, not a sell.

2.

Never short an oversold market: The

TheStreet Recommends

oscillator was the most negative since 9/11.

3. Never bet against the market when the options look is bullish: We could be up 500 on this.

4. Never, ever be short calls or puts into expiration without common.

5. Never, ever believe that the sun can't come out.

Oh, and let's add No. 6: Never listen to the people who say this stuff doesn't matter. It is everything that is needed to save the system.

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

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