A Midmorning Imbalance

Cramer's not sure if things are going to get tougher, but he does hate the Dow's strength.
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Ah, the old midmorning order imbalance. If that isn't the smell of napalm in the morning, I don't know what is.

Schwab

(SCH)

has been this market. It defines this market. The notion of it being halted for too much selling says, whoa, things are tough. Does it mean things are getting tougher?

In the bizarre world of this market, I am not so sure. You get lightening sell-offs these days, just lightening, and there are little charted waters. These midday halts tend to clean up selling, not start it. That, for example, is why I bought

EMC

(EMC)

-- even though I was long going in, so take it with a grain of salt -- because I think everybody who needs to get out of it on this

Montgomery

downgrade has sold.

Take the

DOT

, for example. In January, we had roughly a 25% correction before the big comeback. We are there now, so I am picking at my favorite Net names. Doesn't mean it stops here, but it is a respectable place to start. The griddle simply isn't that hot right now, and you have to buy them when you can -- not when you have to.

Oddly, the thing that I hate most about this market is the darn

Dow

, which continues to mock us with its strength. Sure would feel better if everything were going down. (You can't get a real crescendo sell-off with the Dow up, most people would say.)

But has it ever felt good when it was right to buy things?

The worst it ever felt in the past five years was Oct. 8.

Enough said.

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