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Cramer Knows It's Carnage

Gloomy traders, bearish managers. But if you took profits before, it seemed right to climb back in.

We could sense carnage today. It comes in strange forms.

Friends who don't Instant Message you back. An unwillingness among people to joke or laugh about some of the declines. A belief that

Julian Robertson

would get the last laugh as he took a tremendous swipe at the market, similar to the unanswered right uppercut

Mark Mobius

threw at the market the day before. (Again, don't take it out on


. Do you mean it shouldn't try to get in to see Julian Robertson? Do you mean it shouldn't have let him talk about what drove him from the business?)

We saw some people lose their years in these last few days. People who were up 60%, 70%, 80% now struggling to stay ahead of the


. Fund managers who figured that this week would be a frolic now can't believe the amount of devastation that can be wrought in four days worth of trading.

And of course we saw people who were so afraid to pay the tax man on Monday now have that worry taken away -- you don't have to pay taxes on capital losses.

Could these add up to a fear bottom? I don't know. So much damage has been done to so many stocks that I can't believe we just go right back up. Stranger things have happened, however, and we are headed into earnings, which, at least for the fundamental few in what seems now like a technically driven retail world, should be very strong.

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Carnage breeds rationality, but only if you stay in the game. If you took a lot off the table -- as we did and we talked

about -- it seemed right to buy a slug of stock today. I guess we will know real soon, though, as these days our trading days start at 4:30 a.m. with plenty of action in the


(NOK) - Get Report

and the



and the




See you then.

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