A Good Time for a Trade

Because AOL helped lead us down, it could bring us back up.
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Because America Online (AOL) helped lead us down, it is only fitting that it could bring us back with that management conference call sponsored by Merrill Lynch.

TheStreet.com Internet Sector

index, now trading at about 607, has dropped about 30% from its all-time high, which is as good as any level to cover my mythical short on the 635 calls.

It sure helped that

MCI WorldCom

(MCIC)

acknowledged that

USA Today

story at last that it won't go after

Nextel

(NXTL)

.

And the drugs are leading. Better pin action.

Lots of fear.

Good for a trade.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long America Online and MCI WorldCom, although positions can 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

letters@thestreet.com.