Just Trading for Now

Cramer says until the bonds settle and earnings come through, we're not going to see any significant climbs.
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Cramer Berkowitz

, when we get into the kind of mood the market's currently in, we say we've reached the dark side of the moon.

How do you know when you are there? Take a look at

Gateway

(GTW)

. Not more than five months ago, this stock would have opened up 5 on this 2-for-1 split. Now it does nothing.

Nothing at all. That's the dark side of the moon.

Five months ago,

Razorfish

(RAZF)

merging with

Ice T

or

Ice Cube

or whatever would have moved the stock up significantly. Now it goes down a buck and change. That's the dark side of the moon.

Five months ago, people would have loved the semiconductors on a push from what's now

Banc of America Securities

. Now, on the dark side, they use that push to sell semi stocks.

Go back over my checklist from

last night. Don't be faked out. Wait. It's not the end of the world. It's just a difficult period. We have a big bond auction coming up. That's more important than what happens to stocks. Stocks are just a sideshow now. (On the bright side of the moon, stocks are

never

a sideshow.)

Five months ago, people used to complain to me that we didn't give them enough split information. That's all people wanted. If you knew a split was on the horizon, you'd actually play it.

Oh, boy, was that a bullish time! And, in retrospect, as

Herb Greenberg

said over and over, a silly time. Thanks, Herb!

That time is over. Now we are sober again. And we have a hangover. Oddly, this shift is not a bad development. We needed to wash out excess bullishness to go higher.

That's what's happening. When the bonds settle and the earnings come through, we will resume.

Until then, everything is just a trade. Even the semis.

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.