Current Faves Hang In There

Yet another day where the 1998 winners were losers and the 1999 winners, the cyclicals, did fairly well.
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Well,

Seagate

(SEG)

worked. So did

Alcoa

(AA) - Get Report

. The action in

Monsanto

(MTC) - Get Report

was pretty strong. Gotta love

Ball Corp

(BLL) - Get Report

!

Yeah, another day where the 1998 winners were losers and the 1999 faves actually hung in fairly well. Or, to put it in an index perspective, you did better relatively by hiding in the

Morgan Stanley

cyclical index, which was down 4 on a 612 basis, than in the

DOT

, which was down 17 on a 633 basis.

Of course, the relative game is the one institutions play. I am willing to bet that individuals saw some bleeding, as these Net stocks fit on our feet like cement galoshes. (

Captain Kirk

, can you help

priceline

(PCLN)

please? Will you be on the conference call, or will it just be

Sulu

and

Chekov

?)

The averages lie rather strongly today. A lot more wealth was destroyed on this down-128 day for the

Dow

than was made on the plus-200 day yesterday.

I'm staying lean as this market tempts, teases and crushes rather resolutely.

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 the stocks mentioned, although holdings 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 at

letters@thestreet.com.