The real enemy of the bull and the bear here is the total lack of liquidity. An hour or so ago the

NDX

jumped huge, tacking on 70 points.

You could attribute almost that entire move to one giant put seller (remember, a seller of puts is someone who creates buy pressure because a seller of puts is someone who is getting MORE bullish). The market was so illiquid that this one seller of puts had a huge impact.

For us that is a vindication of our buy weakness, buy-down style. IN THIS ENVIRONMENT YOU CANT CHASE THEM ONCE THEY ARE MOVING UP. THAT'S LUDICROUS. YOU WILL NEVER GET BACK IN.

Almost every one of these big declines this year has seen this kind of relentless selling followed by a snapback move of tremendous proportions as sellers finished and buyers and those covering rushed in. We can't anticipate that moment. In the same way that we didn't get a call that

Soros

was finished selling -- you don't get those calls ever -- we don't get the call that the big sellers are finished selling UNTIL AFTER IT IS TOO LATE.

So we buy slowly and methodically AND WE TAKE PAIN. It is part of our job.

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.