Katy-Bar-the-Door Time

That was one impressive raid. It had it all. An

IBM

(IBM) - Get Report

warning, then denied, stupidly, by

Reuters

, then reiterated by

Maria Bartiromo

on

CNBC

, and then corrected by

Reuters

. By that time the picture in IBM looked like the Bloody Cornfield in Antietam!

In the meantime the

Computer Associates

(CA) - Get Report

and CSC bombs were bursting in air. And

Ron Insana

got out the big old fire hose and turned it on high, splashing everybody down to the sidewalk.

Next thing you know it is Katy-Bar-the-Door. One of the single best ambushes I have seen. It was almost orchestrated. No wonder so many puts got bought in IBM!! How prescient those guys were. All I can say is that the IBM call that buffeted this stock was the exact same one that

Goldman

Squawked on and

Merrill

Squawked on and Maria Squawked on and

Morgan

Squawked on and

Smith Barney

Squawked on. They just all put a different spin on it. Last man who squawks wins.

Anyway, the battle is not over, but the bulls are dazed and not even a rogue buy program amidst the sell programs seems to rally them. March Madness? What did I tell you.

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

letters@thestreet.com.