Nortel and the Humbling Reality of Trading

I'm sure glad my wife isn't here to hit me over the head with her cast.
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It's humbling, this

Nortel

(NT)

trade. Just plain humbling. All I can say is I am sure glad my wife isn't here to hit me over the head with her

wrist cast. Now that I am down a couple of bucks on NT, I have officially "ridden NT down," as in hitting on 18, as in forgetting the home field advantage, as in driving while intoxicated.

At this point I am doing nothing with NT. The whole market got rocked by the surprise

release of the

NAPM

numbers, which were not that good.

Now the

Fed

-must-tighten-again camp has some numbers that it thinks will send the Fed raising rates in October. No matter that I don't think it will happen; those who want out are making their presence known.

So far I have two conclusions about Nortel: 1) Should have sold it yesterday and 2) I wish I hadn't

written about it because it is painful enough.

Oh yeah, maybe 3) I will be far less likely to ride down the next one now that I have embarrassed myself in front of

TSC

. Maybe it is a good discipline after all. I hope you are learning from it.

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