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The easy money today is getting made in the stocks of companies where leverage is not a factor, companies with earnings, not press releases.

You can't blame gun-shy portfolio managers for avoiding some of the riskier tech stocks. They got burned so badly in the last month of the quarter that they want to stick with things that they know and with the shareholders that they know: institutions, not individuals.

I suspect that the average individual trading type, having been accustomed to 10-point moves, doesn't want to mimic the institutions. But I do. I want to get back to not having to worry about margin clerks and forced sellers. I want to worry about earnings, not whether I am going to run into a wall of sellers at 2 p.m.

That other game, which we can play, has gotten too hard. Too many variables. Too much carnage. Too much out of our control.

Random musings:

Another sign that it is

TheStreet Recommends

late in B2B:

Reed Elsevier

(ENL)

just joined in the fray. They are always at the tail end of technological initiative.

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

jjcletters@thestreet.com.