It's a Minefield Out There - TheStreet

It's a Minefield Out There

The trader's watching out all around him.
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Incoming!!!!!!!!!!!!!!!!!!!

Out of nowhere there are some high explosives everywhere.

AOL

(AOL)

is trading down a couple. We can't even open

IBM

(IBM) - Get Report

. I just got hit at 79 on some

Amgen

(AMGN) - Get Report

.

Join the discussion on

TSC

Message Boards.

Looks like you can't take it with you -- even for a session!!!

We are trading rapidly as the info comes in, looking toward buying some of the panic that surrounds us.

Without the conference calls, we are trading off the numbers. That is deadly typically, but in the case of Amgen I think represents opportunity because I am not expecting to trade out of it tomorrow, given my positive bias on the drug stocks.

IBM? I own the out-of-the-money calls. Looks like they are going to be way out of the money right now!!!

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