Buried Alive

Yahoo!'s tumble today has the trader struggling for breath, but he still won't be panicked out by the bad action.
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Maybe we ought to all collectively chip in and buy Meg Whitman some backup for

eBay

(EBAY) - Get Report

. This stock is killing the Net!

So what do I do when I am being buried alive, as I am in

Yahoo!

(YHOO)

today, in part because of the unreliability of eBay?

First, I imagine myself kind of like

Ten Danson

in that Creepshow movie, you know, the one where he gets buried alive at the beach and watches as the tide slowly comes in? Right now the tide is about four feet from my head, so I am not panicking yet. But it sure would feel good if some analyst would build one of those fence/moat/wall castles between me and the ocean. I hope it doesn't end the way the Creepshow ends, glurg, glurg, glurg, flat-line.

And then I just check and recheck, looking for some new chink. I want to see if someone is slamming Yahoo! behind Yahoo!'s back, one of those backhanded "I would wait until one-hundred-something-or-other before I get long." Haven't seen or heard of it though.

As long as the story remains intact, I stick bids in, 2,500 shares every five points. It's a chicken kind of bidding, but it is the only way I know how to handle the pain and stay long.

Finally, I check the cohort. I am no longer long

Inktomi

(INKT)

, but I find it encouraging to my Yahoo! position that this one is being shelled. (Great, I am sure in 15 minutes I will be reviled on the Inktomi boards for mentioning the obvious.) And I am taking some solace in the action of a couple of the other Net plays.

Why don't I just blow it out? Ah, here is the rub. I like Yahoo! the company, even as the stock takes a tumble. I don't want to be panicked out by the bad action.

Random musings:

More on chat. If I had to summarize, people want chat participants to be named, and if possible, rated, based on previous reliability. They also want to be able to put people in the penalty box for misuse or foul language. Sounds like good ideas to me ... Euro? My eldest, if she were a European country, would be calling for a massive do-over right now. My youngest would be asking "where's base???"

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Yahoo!. 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.