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We didn't need this

Microsoft

(MSFT) - Get Free Report

stalemate news. The market seemed ripe for a bottom and the possibilities of a negotiated settlement seemed like the perfect kicker to a strong start for Quarter Two.

As someone who is always long Microsoft, I felt my breath taken away by the comments from Judge Richard Posner. That there can be no negotiated agreement is simply terrible because even the worst negotiated settlement would be better for business in this country than the most evenhanded, levelheaded ruling from the Federal Bench.

We talk about the settlement talks all of the time at the office. Predictably, I've been a believer, even printing out Seymour's stuff and making everybody read it to make the optimists' case.

Jeff Berkowitz

, my partner, has had the same view on the case since its inception: "What the heck do we know? Don't bet on the unknowable."

Great call.

So now we sweat out the market. We can't buy any more until it's appreciably lower because the whole notion of a settlement was that it would take this issue off the table once and for all and we would get a big relief rally. With the long-term uncertainty now very much back, I just don't see a lot of money being made, short-term, in Mister Softee.

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.