Don't Get Sucked In

More ugliness out there, says Cramer.
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Today's

fake-out was brought to you by the bond market, which gave us a false sense of stability with its 12-tick rally. Once again, those who bought got sucked in at bad prices. I know -- rough business.

Now, down 80, there's nothing but rubble. Wish I could get excited about something. Bought some

Cisco

(CSCO) - Get Report

ahead of its quarterly earnings, but I was down a buck before I even got the report. Sold some puts on some Net stocks. But I am just waiting now for some upticks to make a few more anti-Net bets.

Jeff Berkowitz

is on vacation, so there's no one to go for a walk with. Got lucky yesterday -- my walk usually skirts the area where there was a police shooting.

It's hard to feel lucky in tapes like this, but that was some dynamite luck. Berko phones in to say, "The futures are rallying, but don't get sucked in."

And again I think about why my younger partner is always calling from some poolside lounge chair while I'm always here.

Hmmm...

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.