Glad I wasn't here to see this one. Spent the day talking to companies and hearing about stocks and came back to find this nasty selloff. We used it to rebuild tech stocks that we have sold, mostly the favorite names like like
, as well as the steady-as-she-goes
And we scaled out of some of the drug stocks we had been accumulating.
Weird, weird day.
As I walked in, I asked
what made it decline so much. Jeff looked at his screen, saw the bad news about
, and said, "Novell did it!"
If that were only the case.
We are broken records; we are buying weakness and selling strength. That's the only way to play it.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long PMC Sierra, Cisco, Brocade, Sun Microsystems and Juniper. 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