Cashing out means, literally, selling everything. The other day I

wrote that I didn't think it was the right time to cash out. Immediately, I received blistering emails saying that not wanting to cash out was a contradiction from my position

the week before that I was selling stocks as we went higher, raising some cash.

Wrong! I know this column will sound like I am some sort of retrograde

Ursa Major

, but I have actually cashed out several times (once for our honeymoon). Yes, it incurred taxes, but twice it kept me in business, in October of 1987 and again in 1990. Sometimes cashing out -- going to 100% cash -- makes sense. All I was saying in the

Dow

10,000 column was that I could cash out, literally leave the market, and keep a good record, but that I think there is opportunity and plenty of stuff to be long.

Instead, as I will mention tomorrow on "Squawk," I have raised a hefty cash position, close to 25%, as I want to be ready for a selloff as we have gotten more overbought and I see fewer and fewer stocks rallying.

That said, I think things are just fine, thanks. I just want to be ready for a decline, or minor pullback, that could occur as we get closer to the end of the quarter.

Random musings:

Keeping in the explanatory mode, I have a

piece in

Slate

this week that attempts to quantify what I bring to the party as a color man and a commentator. I think the color man role is suited to me, the guy in the trenches, and I enjoy it.

But by no means is the color man, as my Dispatches from the Front are meant to be, or the commentator, in the form of my Rear Echelon Musings, meant to supplant or displace the objective journalist. In fact, just like in sports, you don't want a booth loaded with color men, and just like the nightly news, you don't want politics covered predominantly by commentators.

Can I cover the mechanics of the market well? You bet, and with gusto. Can you rely on me to provide objective, even-handed coverage of the markets? Of course not. That's why you need a staff, and in

TheStreet.com's

case, a great staff of writers and reporters -- JOURNALISTS -- to bring things alive. And to tell the truth, as best as it can be ferreted. And to get scoops. And to explain things nobody else knows. Gotta have both, but in the end, the journalist puts out the news, and the news is what drives the markets.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. 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 by sending an email to letters@thestreet.com.