Is this day more nauseating or less nauseating than yesterday? Is this shakeout more difficult or less difficult than the nasty April unraveling?

The

NDX

decline today seems a tad more chilling than the previous ones. It bounced off of 3400 just now, which was a relief. I guess.

We have been reluctant to buy even our round of 5,000s until we get some sort of bounce. You contrarians out there can say, "Hmm, that's Cramer panicking," but actually, I am in the capital-preservation mode. We have bought all we want with oil roaring and the

Wal-Mart

(WMT) - Get Report

call still fresh in our minds.

We are in no hurry to do anything, other than watch the

Knicks

game. Jeff points out that if

Cisco

(CSCO) - Get Report

is bad and the Knicks lose, the sun won't come up tomorrow.

I think he may be a little too negative. The sun won't come up if the

Sixers

and the

Flyers

and the

Knicks

lose

and

Cisco is bad.

That's for certain.

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.