It's Just a Trading Market

What looked great yesterday looks lousy today, and vice versa.
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Prepping for my midday call with my partner,

Jeff "Poolside" Berkowitz

, I am going to tell him that we read it right, that there is a shake-out going on but that it seems like we are in decent shape, still attempting to find a bottom.

We think the action is constructive. We don't want that straight-back-up stuff. It needs to be more beleaguering. "Tape would like to go higher, but not enough stocks are doing well enough to participate," is how I am summarizing it. (You will probably sees this before he hears it!)

One of the more annoying features of this market (and why I think a bottom continues to be a Godot-like experience) is that what looked great yesterday looks horrible today and vice versa. Yesterday you couldn't get enough of the semis. Today you can't give them away. Yesterday drug stocks were positively illegal to own. Today they are uncontrolled substances. Stuff like this makes us a little more uneasy.

Bottom line Jeff and others: We are still oversold. We are still prone to rally, but it's simply a trade.

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.