An Up Market but Not an Uplifting One

These stocks still don't feel right, so JJC's staying mostly on the sidelines.
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We just keep vetoing each other's buys even as we agree on every sale. That's the way it has been this week. I took a look at lagging

Ingersoll

(IR) - Get Report

, but my partner,

Jeff Berkowitz

, shot it down. We talked about

Clorox

(CLX) - Get Report

, but couldn't get it together to buy it, even down 6 -- growth may be slowing.

Nortel

(NT)

got thrown up the flagpole but nobody saluted it.

And this is an up day!

The idea of having conviction on the long side when so many stocks are acting so poorly just doesn't wash.

But we aren't out there shorting stocks aggressively, either. We figure that a couple of good macro numbers and we get a squeeze to the upside, which would cause a terrible whipsaw. We would rather buy the market up, with a good set of macro numbers, than run the risk that the market gets hammered still one more time.

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.