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Real selling. Not margin selling, not retail selling.


selling overcame the market today. There were institutions that were selling six figures of this stock and six figures of that stock. And they didn't care. On top of their selling came short-selling and put-buying. This was a session that the bears have to be very proud of: It was a session devoid of any sort of positives.

I am a "Silver Lining Department" guy from way back but I can't find one for today's action. My only thought is to try to put this in the context of geography. Obviously this is not a dip. Could it be a valley? Could be a gorge? Or, heavens, could it be a crevasse, one of those nasty drop-offs that they battle while climbing the north face of Everest?

I long for the days when I would write, "There is nothing encouraging happening right now," and get all of these wise-acre letters came back saying "Ha, Ha Cramer, you put in the bottom with your pessimism." But I think those guys all got blown out about 1,000


points ago.

Instead I just accept the fact that it was, in the end, another nasty session in a string of nasty sessions where pessimism is building and stocks are getting cheaper while the economy slows, hopefully enough to make it so the


is off our back, but not so much that it destroys earnings.

Or to put it another way: Looks like


didn't get away with her visit to the bears' lair today.

James J. Cramer is manager of a hedge fund and co-founder of 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