We visited near these levels a few weeks ago in April for most of the big-cap Nazzdog names. It was hard to tell what happened. We were only there for a moment. We saw Intel (INTC) - Get Report tick through 108 and Cisco (CSCO) - Get Report go through some amorphous 57 level.

It was in a frenzy of selling that seemed to be linked with

the collapse of Soros and the blowup of a bunch of leveraged traders.

Now it looks like we are back in that particular corner of stock hell, except this time there is hope that these prices will serve as a floor.

For us, tiresome as it is, we are waiting for those levels before we commit more funds. If we bounce again, we will be glad for our buys. If we fail, we will have misjudged the tape and be saddled with some buys that won't be our last ones.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Cisco and Intel. 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.