Expiration is playing havoc with the market -- benefiting the long side. I see it. I feel it. I just don't know how to play it. Our instincts are to play it with big-cap
names and that's precisely how we are positioned.
This day gave us so much reassurance that, by the end of the day, we felt downright cocky in the
hotties. We were even thinking of taking some
up 12 just to see if we could sell it for 16. But then common sense got the better of us. And we left a really good trade on the table.
Today was one of those days that must have given more hope than can be believed to the
Buzz Goulds of the world. So we will have to contend with their arrogance for still one more dip.
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