Remember when I was

kicking myself about leaving 20 on the

Nvidia

(NVDA) - Get Report

table? Well it looks like they sawed the table in half overnight. It's been so wrong to sell for so long that these newfound declines do take your breath away.

If you recall, the run-up in Nvidia was related to a

Microsoft

(MSFT) - Get Report

initiative to move into the Nintendo business.

It was the classic squeeze up on the future. That means there were probably people shorting Nvidia expecting it to come in near-term. But then the shorts got hit upside the head by the Microsoft version of GameMan or whatever. And those who got in made out like bandits. But then what happened?

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Ahh, the key to all momentum investing is

something must happen

. And nothing happened. Nothing at all. Maybe nothing will happen for another year. If my kids are lucky they will see

Yoshi on Mister Softee by the 2002 holiday season.

Pika Pika

... fuhgeddaboudit.

That's the way so many of the momentum names seem to be playing out right now. They had their heyday news announcements and then, well, nothing.

So what do you do now if you haven't taken something off the table in a Nvidia? Uh oh, let me violate all of the rules of guru-dom.

I just don't know.

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