Successful retest? You know somebody is going to say it. I might as well say it. We are flirting at these same horrible levels that we did in mid-April. I am an optimist by training so we are selling very lightly here, betting the technicians will like the action today.

We saw so much put buying and so much shorting and real selling that it figures the market would hold.

On a trading basis, we call the action a mite bullish, even as we know that the long-term path of carnage may simply be detoured.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. 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.