I'm keeping my powder dry for the 2:00 p.m. sell hour. No way I am willing to bet the farm on this level. I mean, you can just hear the litany: bad breadth, too much complacency, inability to hold 9900 or 9800 -- or 9700 for that matter.

Plus we had that early morning fake-out in


(MSFT) - Get Report

. That's where Microsoft starts higher, keeps climbing, threatens to turn the whole


and then gives up the ghost in a flash. Mister Softee has been the slim reed behind so much of the Nasdaq action; I guess nothing should be different today.

Now, I've got a whole screen bathed in red, with the only green dry spot being



, where everybody must be so short that it doesn't even go down on bad news.

I like to skip the medals ceremony on days like today. Don't know what the medals ceremony is? That's where, at the end of the day, we award the heroes who wade in chest-high water, braving machine-gun selling, in order to establish a beachhead that may or may not hold.

I like to come in after the shooting has stopped. That's because the goal is not to be heroic, but profitable. Let others gloat about their medals. I want to make money. Not playing for pride, you know.

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 the stocks mentioned, although holdings 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.