Oh yeah, the

Fed

.

After all of last week's fireworks, it seems a pity that we have to go back to a world ruled by the Big Bad Event. Just when it was getting exciting around here and the universe of stocks to trade was expanding rather than contracting, we run into another rate hike.

I know many people last week had a tendency to want to believe that the

Dow's

actions might be signaling some change of heart/vigilance from the Fed, but I sincerely doubt it. The real consumer market remains red hot because the real market, the

Nasdaq

, remains red hot, which means that the Fed has to keep using its incredibly clumsy short-term rate tool to try to stop

Tibco Software

(TIBX)

and

FirePond

(FIRE)

.

For us at

Cramer Berkowitz

, we are playing the conference game -- there is a semi-equipment confab in New York -- and looking for another downside opportunity to buy the quality names that are not affected by a tightening. Yes, after a wild week, where options drove up stocks to heights that will be hard to maintain, it is back to business as usual.

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.