Even a Strong Hitter Gets a Few Strikes

The market was just due for a tumble, Cramer says, and he'll be back to buy more tomorrow.
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Can the market just be due? Can it be like a ballplayer who's been hitting the cover off the ball and then suddenly has a couple of O-fers?

If you had been in on my meeting just now with partner

Berko

, I think you'd find that we are operating under that thesis. We just kicked around the declines we see, and while some of them are totally particular to companies --

Lucent

(LU)

,

Pfizer

(PFE) - Get Report

-- quarter made mostly because of expense controls -- most of them are just typical of what happens after we have had a big run.

Let's face it: We can go over and over and over the

IBM

(IBM) - Get Report

call, but there really was nothing so terrible to cause the stock to plummet. In fact, what gave me pause on IBM was a bullish research call this morning that happened to mention, quite casually, that IBM is up 60% so far this year.

Sixty percent!

Holy cow!!

Or

Oracle

(ORCL) - Get Report

. Good q, Oracle. Booked awhile ago. But this stock has been up nonstop from 25, and it is due. Or

Nokia

(NOK) - Get Report

, which we are long. Talk about a winner. This one was batting like

Ted Williams

in his prime.

The streak, alas, has now gone cold. Maybe we will learn that there was more to it all, that if we stepped back we would see a common quality among all of the losers, some bad gene that, when isolated, indicates that the market is 4% too high.

I doubt it, though. And as I go to a regularly scheduled board meeting for

TheStreet.com

, I am leaving with the analysis that the market was simply due for a tumble and I am saving room to buy them on a further decline tomorrow.

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