Ouch! Still no good. Still no safety. Still terrible action. We even had to rescind the

Altera

(ALTR) - Get Report

high-fives at the end of the day because there was massive selling in the group. Even as I write there are two gigantic sellers in

Applied Materials

(AMAT) - Get Report

and no rest for the weary in

Sun Micro

(SUNW) - Get Report

, despite the better-than-expected quarter.

Negativity building.

Another day we were glad not to be sucked in. Another day where they faded the opening rally. Another day when the

Investors Business Daily

mutual-fund index got hammered. Maybe this time to the 200-day moving average.

Another day where cash was ace, king, queen, jack and 10. And stocks cut your heart out.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Altera, Applied Materials and Sun Microsystems. 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.