At Loggerheads

Berkowitz and Cramer have been debating what to do all morning. Now they are waiting to see who caves first.
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One benchmark worth watching is Europe. Those markets are all down 2 to 3%. As we precipitated this decline, I can't get comfort yet.

We have put a couple of million to work in tech. Down 200, we will be more aggressive. But our buys have been desultory.

Jeff Berkowitz

and I have been in an intense debate all morning. I have been more inclined to put a lot more cash to work, but Jeff says, what the heck, let's wait until we have the bonds bottoming. When we are at loggerheads, we tend to do nothing until one of us caves.

No one is caving yet.

Betcha he caves first.

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.