OK, nobody else will say it, so I will say it. This market is all about Cisco (CSCO) - Get Report. Cisco acts terribly. No kidding. It is miserable. It is doggy. It has chronic fatigue. It hasn't slept well. It has no energy. It is anemic.

Is that clear enough?

So what happens? We are not technicians. We know the technicians have turned on Cisco. We are fundamentalists. The

fundamentals remain strong. We also know there is a lot of option pressure to have the stock close at 55 tomorrow but, well, big deal.

As long as Cisco "acts" like this without any news, and we don't expect any, it casts a pall over the whole

NDX

market.

What are we doing? Nothing wrong with the fundamentals, we are buying

out-of-the-money

calls in case the sellers finish. Yes, we think the sellers know no more than we do. We think they will stop. If we didn't think they would stop, we would still be buying, but not as aggressively.

We like Cisco. I am a house man for Cisco. Take what I say about it with a whole truck full of rock salt. But we are not abandoning this company until our judgment is that the fundamentals have gone south.

That is definitively not our judgment.

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