So we never put all that money back to work and the

NDX

has now wiped out Tuesday's great gain. Worrisome.

Tuesday now feels like a short-covering rally, one worth getting, but not one worth sticking around.

For 24 hours we

kicked ourselves for selling. I will not even share the irritating email we got from people telling us how stupid we were to sell too early on Tuesday.

To which we say, call us when we see the whites -- or the reds -- of the eyes of Friday's lows and we will be as tempted to put money to work in the Nasdaq as we did that day.

We do like the cereal and bread stocks though.

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.