One of the most frightening aspects about this market is that it changes so fast. In my previous

dispatch, I wrote how

JDS Uniphase


wasn't ramping and


(AKAM) - Get Report

wasn't working. While the cyber ink was drying, these stocks reversed! Remarkable. The velocity is amazing here.

Secondly, groups that looked fabulous are changing on a dime. On rumors that


is going to dump on the drug stocks, the group has been crushed. We are using the weakness to buy

American Home


and we think that the Clinton antidrug stance should be best left to narcotics at this point.

With the market down (




as of this moment), we are doing a little more buying ahead of tomorrow, again nothing that will blow our heads off, but something to make us feel less naked in case the numbers are good. Semis, software and, yes, dot-coms! We reluctantly just parted with some




, but heck, what a gain! Again, this one was possible to get into during after-hours trading if you had an after-hours broker. If you don't have one, what are you waiting for?

James J. Cramer is manager of a hedge fund and co-founder of At time of publication, his fund was long American Home Products, JDS Uniphase and Nortel. 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