A Simple Session

Cramer says you can never blow off sliding stock prices. But today was really a textbook pullback/consolidation move.
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Ugly to me is when there are more stocks down than up. Ugly isn't when the

Dow Jones

averages are down.

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You never want to be too complacent in the face of sliding stock prices. But today, and yesterday, were really textbook pullback/consolidation moves.

When I first got into this game I used to hate days like today. I would sense the momentum of the previous week waning and I would slam out bids and take quick profits.

How things have changed. I was on the bid side today, buying back some of my fave stocks that had just run so much --

Sun Microsystems

(SUNW) - Get Report

being the best example -- and hoping that I would get hit on

Chase

(CMB)

.

I didn't! I used the weakness in

Nortel

(NT)

to get some more of that, although it was disconcerting to see that decline for no reason.

Simple session: The bonds remain our friend. The sellers are justifiably taking profits.

Random musings

: A bunch of angry emailers cyber-screamed at me for getting them to sell Sun Micro and demanded an apology. Hold it! I said that I sold it. I made a mistake. It continued to go up. I was wrong.

Man, I looked and felt stupid. But an apology? I've got enough problems. I don't want you to do what I do; I want you to know why I do it!

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

jjcletters@thestreet.com.