Man, do they want out of the

Red Hots. They aren't even willing to let them bounce. And they aren't exactly making a case for

Cisco

(CSCO) - Get Report

either.

And now the traders are buying puts and trying to press it down. To me it is program selling and real buying. We committed money right here, betting that it is a shakeout.

We bought some

Intel

(INTC) - Get Report

,

Oracle

(ORCL) - Get Report

and

Hewlett-Packard

(HWP)

as well as

Dell

(DELL) - Get Report

TST Recommends

and

Nortel

(NT)

. We are going to buy 2500s of the Red Hot names that are down huge. If our usual Red Hot position is 10,000, we are putting on one-fourth of our position.

I am not as bullish as others in this room because I hate seeing the

Dow

up this much. That drags money from Red Hots to

Caterpillar

(CAT) - Get Report

and

Alcoa

(AA) - Get Report

and

3M

(MMM) - Get Report

.

Not what the Red Hots need and not much help for Cisco. But it is early and I like buying the stock that traders flipped out of this morning.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Oracle, Intel, Hewlett-Packard,Cisco, Dell and Nortel. Cramer's fund also may be long or short certain stocks in his biotech or B2B rotisserie leagues or TheStreet.com New Tech 30 index. 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.