We are buying our 5s. That means we are sticking bids underneath for 5,000 shares for some of our sold-off favorites.
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When the market is this ugly, we force ourselves to buy things we like even though we may be down on them by the time we get the reports.
Two cases in point:
Procter & Gamble
. These are stocks with intact fundamentals that intrigue us but don't bowl us over. So we are bidding 63 1/2 for Bell Atlantic and 95 1/2 for P&G.
Some of you might think that we are just playing the trading equivalent of "kick me." Others of you might think we are playing chicken.
For us, we are just playing the percentages. We like these stocks at these levels. We would be delighted if somebody were to whack us. And because we are only doing 5s we have room to buy more if the programs take our stocks lower.
Go ahead and hit me. Make my day.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Procter & Gamble and Bell Atlantic. 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