It's a Jungle Out There

For Cramer and Berkowitz, it is October. They don't just buy any old dip. They are waiting for the big dip.
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The bears own the wires, that's for sure. "Brush Fire Threatens Northern California High Voltage Power Line" just comes over the tape. Nuclear leaks, earthquakes in Taiwan and Mexico. Killer mosquitoes. This stuff is pure downer and it has a cumulatively fatiguing effect.

It is rough out there. Just rough.

Tell us what you think on our

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For us, it is October. We don't just buy any old dip. We are waiting for the big dip. This ain't it. So, we are not taking advantage, for example, of the big


(IBM) - Get Report

dip. Normally we would. Down five, no preannouncement expected, tough quarter, but still probably pretty good. We are not chasing



up here, even though we think that's a solid story. And we let some


(BMY) - Get Report

go on the strength.

Lean. Playing it lean.

No sense getting our heads blown off this early in the month.

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