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BMC Software


, talk about my blind side. When you don't know companies well -- and I've never focused on BMCS because historically I hate companies that need giant-sized orders to make their numbers -- and they blow up, you're slow to pick up on the collateral damage.

Just to recap for the newbies: When a company implodes -- and down 27 is implosion in


-- you tend to get a lot of fallout in other companies. I'm playing


(ORCL) - Get Oracle Corporation Report

for its

B2B possibilities. But Oracle has knee-jerk overlap with BMCS, so it got hit extra hard. Plus BMCS comes on the heels of



blow-up, so people are more than a little worried about software.

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Finally, BMCS had no good excuse for what happened, so that makes me nervous that there are other shoes to fall.

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If you're going to trade for a living, it's stuff like BMCS that makes life so tough. You have enough worries about your own stocks -- you don't like to learn that something that happened at one bad company then affects your good company, falsely or otherwise. That is a most common theme in software, which is why, historically, I have played that group very lean.

Except for Microsoft, where my loyalties are very clear.

Random musings:

The PR marketing man in me, if I were running

Merrill Lynch

, would have forced the research department to go collectively bullish this morning. But that's why I don't run a brokerage house!

James J. Cramer is manager of a hedge fund and co-founder of At time of publication, his fund was long Microsoft and Oracle. Cramer's fund also may be long or short certain stocks in his B2B rotisserie league or Red Hot index. 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