So far it is still textbook. We have the failed opening rally which brings in a lot of suckers. We then have the whoosh down which is frightening, but not horrifying. Then we have the creep back up where traders sell because they have the, "Get me back to even and I promise I will never do this again."

That's followed by the big whoosh, the real killer, the one that takes your breath away, where the


touches its low or takes it out and everybody feels just plain awful.

That's the moment we just came through. That's the intra-day capitulation that has to be bought. That's where we committed the rest of the money we raised from the bogus opening.

Why does this moment seem right? First, the

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emboldens the


. Second, the Nasdaq being down 10% brings in fresh money that is unbloodied by the fiasco opening. Third, nauseating buys work. Still, those margined players keep us from committing any more than what we sold this morning. Need to keep the reserve ready for the margined players who get clipped at 3 p.m.

These days are long.

James J. Cramer is manager of a hedge fund and co-founder of 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