First the Good News - TheStreet

Another push opening, with tons good and tons bad.

Can't be happy about a delayed opening down for

Wal-Mart

(WMT) - Get Report

. That seemed like a real downbeat release, too. And the secondaries so far are just OK. I sure would like to see

Cisco

(CSCO) - Get Report

stronger and am betting that way. Can't be sanguine with those bits of negativity.

And

LSI Logic

(LSI) - Get Report

is getting hit because it, too, filed for new supply. Oh man, the supply gods are angry.

But there are rays of hope: The drugs seem to be holding and the banks aren't slumping too badly. On the latter, the

American Banker

reports this morning that the

S&P

bank index, which includes the 29 largest banks, is now down to its lowest point since May 1997. The

Dow

was substantially lower then. I won't even hang a hat on it, but it does seem like the world has grown too negative. Probably related to the credit-card industry, which is hurting.

Can't be too bullish or bearish at the moment.

Random musings

: Click here if you want to go to London! Yep, our sister company,

www.thestreet.co.uk, came out of the chute today and it's a beaut. Easy registration and all. Go there.

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.