Ah, those fun-loving margin clerks. Are they having a good time of things. "With a snip, snip here and a chop, chop there and a couple of puts and calls, that's how they pass the day away..."

You get the picture.

We are debating buying some stuff back but I figure we wait until things get nastier. That little buy program makes things a little less attractive. We will probably add fives and 10s at the close so we can sell them into tomorrow's opening bounce.

Some of us think this is just an aftershock, a weakened wave that breaks the remaining dishes and glass. Me? I think it could be a sea change: out of soft into hard, out of concept into earnings, out of Net into iron.

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The emphasis is on "could."

We are watching closely. Too early to draw a conclusion.

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.