This Net shakeout rivals a lot of the others for viciousness and outright punishment. The MiningCo.com (MINE) down big. iVillage (IVIL) being clubbed. The AboveNet Communications (ABOV) house of pain. Step into my Yahoo! (YHOO) house of pain, down a hundo from the high. Net, both old and new, being pummeled, laid to waste.

Seems well, almost like, ah, how do you say it? Business as usual? The amazing thing about the Net is not that it can go up. It's the resilience. The number of times that it has been buried, left for dead. The Net's like that Marty character in

Blood Simple

. Or Jason. Or Freddy. (At least for the bears.)

Must seem like

Indiana Jones

for those who are long. Or maybe

Bond, James Bond

.

I always go by my email. In the last three hours I have gotten at least 20 obituaries for

TheStreet.com Internet Sector

index, or

DOT, et. al. Another 20 and we may be developing something that's even better than a trade!

In the meantime, again, we see the hazards of insuring with the DOT. Try selling those puts five minutes before

Bob Pittman

started his

AOL

(AOL)

call with

Merrill Lynch

. That would be like me trying to get into my high school chinos.

Good luck.

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