No Shorting

Not now. Not at Cramer Berkowitz.
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We are oversold.

Cramer Berkowitz

doesn't short when we are this oversold. Never. We cover. Always. I have even covered my Net shorts. No sense in getting hit by a big snapback rally, which is certainly due.

I heard something that freaked me out this morning on

CNBC

: An on-air reporter said that nobody expects the market to rally today.

Nobody.

We have another rule here: When you hear that kind of talk, you can't be short.

I am buying some of my old-tech faves for a trade. Can't be as negative when everyone is negative. It just doesn't pay.

We are not going crazy on the buys. But the easy short money has been made.

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.