Because of our buys on Friday at the lows we have no choice but to hit the opening and bet it fades. We are very concerned that the individuals who got margin calls will be sacrificed in the first hour, so we must get in shape to buy those liquidations. Those on margin are basically done in our eyes and will be sold out at prices we have to buy. Somebody has to buy those peoples' merchandise. Might as well be us. Our only buys are foods and drugs. We are sticking with our
"they fade the opening then you buy" scenario I wrote about on Friday.
Be sure to check out my five-part
crash series that is being run simultaneously with these regular posts from my turret.
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