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Not Giving the Nazzdog a Bone

After an astute observation on market conditions, Cramer's sticking to NYSE stocks.
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So

Jeff Berkowitz

and I are talking about the Comp (which, of course, is the

Nazzdog Comp

), and I naively said, "Don't you think we could go right through the low we had recently, I mean, like, don't you think so?" (Yes I can be that incoherent.)

And Jeff said, "Duh, why do you think that Jim? Perhaps because inflation is now raging out of control,

Microsoft

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(MSFT) - Get Microsoft Corporation Report

is really bad and the personal computer market has slowed down? Is that why you are willing to hazard that guess?"

He has a point. We are sitting on our hands, Nazzdog wise. Our commitment has been almost 100%

New York Stock Exchange

. Stuff you can eat, drink and wash yourself with, mostly.

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.