Digging In

Cramer's made all his buys at this level. Now for a little patience.
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Discipline says we at

Cramer Berkowitz

do nothing here. We have made our buys at this level. We have put on some

Microsoft

(MSFT) - Get Report

and some

IBM

(IBM) - Get Report

, stocks we sold yesterday. We have put on a little

Tellabs

(TLAB)

. And now it is time to listen to more conference calls and sit on our hands.

In our world, patience can be our friend if we let it. We don't know if the

Nasdaq 100

is done going down. We don't know if it has found a level. But we do know that if we buy any more right here at this level, we could be buried by more buying. We have to wait.

All of the stocks we are buying fit the pattern of my

piece last night, where stocks have run and now people are fretting over whether the outlooks are everything they had hoped for. We think they are. But we can't take into account the hurt feelings of others who believe that Tellabs, IBM and Microsoft should be punished even further.

To

Jeff

, it's obvious that the market has it in for tech today. For me, I am watching the cyclicals, and the banks are starting to gain some traction. If there is money to be made today, it may be in those groups, not tech.

In any case, we like to buy them when we can, not when we have to. They are easy to buy right here. We have picked our spots, we bid for stock and we got hit. Now we wait and will bid from lower levels.

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