If it's up, sell it.

How's that for a philosophy? We are only in the first hour of trading, and this bit of "wisdom" has made me plenty of money.

We are in a trading market with a bias to the downside. When stocks go down too much, you can buy them. When they go up a couple, you can sell them.

For all but the most disciplined of daytraders, this market has turned into a nightmare. A downside bias makes even the good stocks groggy.

But if you get too negative, you get your head handed to you, apropos of an oversold tape.

So unless you have total conviction, you simply can't play.

When will this bias end? When we have built in a tightening or when business is so evidently weak that the

Fed

no longer needs to talk a tough game.

Patience.

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.