Publish date:

Folding Under Its Own Weight

This market goes down on absolutely nothing, Cramer says.
Author:

We could be putting in a bottom here in the bond market. My surest indicator is flashing green. It is the indicator which says, "I know I am supposed buy more bonds on my strict scale down, but I just can't because it hurts too much."

Oh, does this market take your appetite away! It goes down on absolutely nothing, just folds under its own weight. It colors everything, of course, so that

Lehman's

(LEH)

great numbers may get lost in the shuffle down to 6.25%.

So we get a sloppy opening.

At my morning meeting with my partner,

Jeff Berkowitz

, we felt beleaguered by the bonds, to the point where we decided to hold off on stuff we wanted to buy. The backdrop just got too negative again. We could ignore yesterday's decline.

Can't do it twice. Too costly.

Random musings:

Gotta love the

Lycos

TheStreet Recommends

(LCOS)

promoters. The company's on the tape with any good news immediately. ... I don't know about you guys, but I am watching the

Salon

(SALN)

deal to see how this one goes. ...

Franklin Covey

(FC) - Get Franklin Covey Co. Report

, jammed hard by

that Yachtman guy on

CNBC's

"Squawk" yesterday, just reported a big loss. Looks like an in-line quarter, but I wish he hadn't pushed it the day before it reported. Rough business.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. 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.