No relief for Gap Stores (GPS) - Get Report or Telephone (T) - Get Report today. These stocks continue to hemorrhage and with them goes a lot of the confidence that people have toward "buying and holding" the great, old-fashioned retail names.

Nobody likes to cut losses any more. It is totally out of fashion. I know that most individuals would rather ride down a stock like

Gap Stores or AT&T than admit that, maybe, the best are wrong.

That said, at these levels I think both of these stocks are nearing "too late to sell" levels. AT&T at 35 and Gap at 30 make sense to hold on to -- if only because they may get new sponsorship on the basis of price.

All the same, I think the opportunity cost of dead money is just too great here. There are so many other stocks that would make more sense here; I don't know why anyone would want to hold on.

Just one person's opinion. But I keep getting asked about these, so I have to tell it like it is.

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.