Blame It on the Profit-Takers

Cramer laments that the day didn't end before these guys could step in.
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Here was a day that should have ended an hour ago.

Everything was being taken in both listed and over-the-counter issues, the tone was one of strength and even lowly worm

America Online

(AOL)

looked like it could be good for a couple of points.

But those dreaded gnomes, the profit-takers, came in and tarnished the day's luster. In fact, a bunch of stocks got creamed in the last half-hour, and the

Nasdaq 100

couldn't hold its measly gains.

For us, we got socked by

Lycos

(LCOS)

, which seems so cheap vs.

Yahoo!

(YHOO)

-- like that has mattered for the last 20 points. We used the weakness to get back into

Conexant

(CNXT) - Get Report

, but that stock seemed unreceptive to new buyers.

And we're thankful for "Sevenex," which is our name for

724 Solutions

(SVNX)

, a stock that seems to redefine the stratosphere on a daily basis.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long America Online, Conexant, Lycos and 724 Solutions. 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.