Hard to Focus

Sure, we could use a better bond tape.
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Yeah, like, I mean, I don't care.

I am focused on, hey,

Inktomi

(INKT)

or

DoubleClick

(DCLK)

. Or the

Sixers

tonight. Or maybe the

Phillies

staying above .500.

Sure we could use a better bond tape. And, yes, the market should have reacted better to that great productivity number. But as I have said many times during this bond bet, the long technician knives are out and they are saying that bonds will be slashed to 6% -- even though most of my tells say otherwise.

For what it is worth,

Wal-Mart

(WMT) - Get Report

predicted a slower second half, which is entirely consistent with my bond thesis -- and the company's conservatism. But it still hasn't brought that stock down.

So, OK, I admit it. My sister told me, "Go ahead, admit you are nervous. You've admitted everything else on this site."

OK. I'm nervous.

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

letters@thestreet.com.