People are flailing, They are buying the drugs because the economy is slowing. They are buying the cyclicals because it isn't slowing. They are piling into high-multiple tech because it is immune to a slow-down. They are selling lower-multiple tech because it is up too much in a straight line.

Looks like it is a good day to go see some companies.

When the market is confused like this it becomes imperative to develop conviction. You go and look company management in the eyes and ask whether things are as good as people are saying. You digest notes and you make calls and you kick tires. So that is what we are doing.

You have to do this because the market is giving you no tells or signals of which way it wants to go here. The banks and the cyclicals wouldn't both be doing well simultaneously if the market had internal coherence.

Internally, my best guess is that the market rotates back to safety here for a few days because the macro data are not as strong as they have been. That could prompt a run in the drugs and we are taking them accordingly.

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.