The

Dow

is the opium of this market, masking terrible pain in everything from the advance-decline line to the Net. Makes it hard to make a stand on anything.

So don't.

That's how we are approaching it. We are waiting, we are betting that there will be a more congenial moment for all but some bedrock tech.

It is hard to make a living just trading the semis and a couple of soap and detergent companies. So we aren't trying. We want more capitulation and a market that is not driven by futures sell programs that take away gains in a heartbeat.

Net; nope.

Random musings: Check in on a

Yahoo

(YHOO)

chat, freewheeling as usual.

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.