A Bogus Blip

The trader's buying back what he sold on it -- and he's baffled by Pru's B2B downgrade.
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That first blip up was another one of those "give-me-a-break" moves that you know you had to let go. But this selling now, off of the

Pru

call to blow out of B2B --?????? -- is percolating so swiftly that it is making the market too negative.

We are buying back what we sold on the bogus blip, all

Nazzdog

. It just ain't that bad out there. I am deeply suspicious of a B2B downgrade after all of this carnage, and if it pulls down the

QQQs

(QQQ) - Get Report

we will be a buyer of the regular big tech/old tech (Jeff tech!) semis like

Intel

(INTC) - Get Report

.

Oops, we are!

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Intel and QQQ. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

jjcletters@thestreet.com.