Buying the Silver Lining

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Department of Silver Linings, how can I help you?

That's the phrase that keeps coming through my head when I see the action in the drives and the semiconductor index. These groups anticipated and led us down. Their telling strength seems to say it all on days like today.

I know, what kind of (*^$*$*$(^$(&$#%?^$@^%#@ moron looks at the needles when the haystack is on fire? And I come back and say "this kind of moron." Because I am not going to go in and start shorting

Gillette

(G) - Get Report

down here after everybody knows. That's like knocking the darn

Disney

(DIS) - Get Report

down here. Not my style.

During this period my trading style has been to buy weakness and sell strength. But I buy strength of the weakness on days like today. That means

SOX

, drives, and yes, the hideous drillers that got knocked by that old bull at

Morgan Stanley

, yeah the guy who loved them all the way down who now knocks them.

Hearing the usual rumors of a big Brazilian bailout again. Dismissed them two days ago -- see my

Telebras

(

(TBR)

TBR ADR)

piece -- and bought Telebras just now when I heard it. Fool me once.

Back to the pillbox (literally and figuratively, given this flu).

James J. Cramer is manager of a hedge fund and co-chairman of TheStreet.com.

At time of publication his fund was long Telebras, although positions can 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 by sending a letter to TheStreet.com at

letters@thestreet.com.