Which came first: the ugly market over there or the ugly market over here?

Suddenly we are back in gloom-and-doom mode.

And it couldn't happen soon enough, because all of that


10,000 optimism was simply the kiss of death for the bull.

Now get this litany:

    Tech suddenly has gone from loved to hated. The New York Times wrote tech's obituary this morning. No survivors. Dell's (DELL) - Get Report dead. Intel (INTC) - Get Report can't be far behind. Japan's stock market was just a giant bubble. It's been popped, and there's nothing there after all. Oil is going straight up. OPEC has finally gotten it together, and inflation is no longer under control. Japan, while a giant stock-market bubble, is coming back as an economy, permanently raising interest rates. Money is flowing out of S&P funds. The Net is slowing (a new worry). Soybeans and aluminum are done going down, so commodity inflation is roaring back. There are way too many bulls, and people are way too complacent. We are going to war in Kosovo. The IPO market is nuts.

Yeah, it's always like this. We get too excited, we get too hot, we get too bullish, and then everything goes to heck in a handbasket.

Have patience. Let the negativity build. Let the wall of worry be rebuilt. Unlike Rome, it does get built in a day -- or two.

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 a letter to TheStreet.com.