Day two of Abby Joseph Cohen. I thought the aftershocks couldn't hurt as much as the real deal, but I see people locking in gains in the winners and putting the money into the losers. If you parsed her call, you would be doing just that.

I find that a hard trade to do because in another couple of weeks we have to deal with earnings and the earnings from the losers will be, well, losing.

Of the losers, we can make a case for the scattered food stocks and maybe a drug or two, but I have made those cases here already and frankly they are as boring as Toasted English and a couple of Centrums.

You have to be encouraged by the drug index (DRG) and

Schering-Plough

TST Recommends

(SGP)

makes you feel good with that buyback. (Talking about a creeping LBO, Schering-Plough has bought back 778 million shares since 1983, at an average cost that is one-sixth of where the stock trades.)

Otherwise, we are picking away at the now-trashed semis, well aware that there is heavy put action in the group and that our first buys won't be our last.

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.