Buying the Market's Most-Hated Stocks

Now that DoubleClick's down 8, Cramer is looking at some Internet purchases.
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You want your heart surgically removed by a stock? Check out the action in

DoubleClick

(DCLK)

. This morning, all of the yahoos -- and that's with a small "y" for certain -- were piling in and shorts were getting their necks squeezed.

Clowns take it up 6. That's the red-hot griddle again. You don't ever want to pay up like that. If you look up "stupid" in the new Internet dictionary, you'll see:

adj.

slang

1

people who pay up 6 for DoubleClick.

Now it is down 8. Pilot light off. Gas on. Canary no longer singing. This is simply a breathtaking turnaround, and it is a sure sign of total capitulation. It has such a crescendo feeling that -- yes, again -- I find myself a buyer. But not of this one -- heck, it's too brutal even for this charnel-house spectator.

But I have to buy Net stocks when they are this hated. Man, are they ever hated! How much am I buying? Instead of buying 2,500 shares every 15 points down for, say,

eBay

(EBAY) - Get Report

, I am buying 2,500 every 7 points down.

Look, nobody pins medals on anybody in this business. I don't try to be heroic. But I do like to buy Internet stocks when you can.

And not just when you have to.

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

letters@thestreet.com.