Random Musings -- BREAKING NEWS:DTC, the national clearing system, went down last night. That means a lot of trades did not clear. We don't know the impact, but many firms will not have accurate positions for margining on their desks this morning.

Strap yourself in. It looks like we will have a whoosh this morning.

That's a step leg down from the get-go as margined players get closed out and people panic into the closing of

Tiger's

big fund.

Be ready.

We just started buying some

Nokia

(NOK) - Get Report

in Finland at 206. That's down 12 from last night. That's the real-deal kind of selloff that cleans out any of the shaky players.

Get the cash ready. I smell panic overseas as people try to take it off the table

now

.

Hmmmmm.

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