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No man's land. We sold some tech at the opening and now we are waiting.

We have taken off half of what we bought in the last half-hour on Ugly Friday. And we feel good that companies that said good things are still going higher.

We love the fact that we wish we had bought more on Friday. Shows that we got that right and it builds our confidence for the rest of the day.

Long day ahead, but so far the bears look like they overreached. One thing is certain, this is no Monday of October 1987. This seems more like that Tuesday when it held and turned. And Friday's action seems like the Monday of that year, as people sold to avoid Monday's selling.

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We know it is early, but right now those folks on our

Fox

show who thought the market was headed down big might want to reassess.

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.