Not Going Anywhere

Cramer is using today's good tape to reposition.
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Enough Hamptons jokes already! I'm not going anywhere. Heck, this is a darn good tape, and I'm using it to reposition. I'm trying to buy some of the more knocked-down interest-rate-sensitive stocks, and I'm picking up some more foreign damaged goods.

For the first time in a while, retail seems to be working. I own some Dead Head --

Dayton Hudson

(DH)

, that is -- and I am using the strength in the stock to let go of some that I bought yesterday at 59. I love tapes like this because when the market was down 200 yesterday, they were whacking Dayton Hudson and I got hit at a good price. Now they are taking 62 1/4 stock, and I'm offering there.

My goal is strictly to generate some capital gains around a core position of Dayton Hudson, my favorite bricks-and-mortar retailer.

I also continue to pick up some Web offerings on weakness. The rap of the massive number of deals has died down, and despite what you have heard, the calendar looks pretty clear for the next week or two. In other words, not much supply for a little while could let this beleaguered group lift.

Finally, I like the action in the

QQQs

(QQQ) - Get Report

. That's the derivative of

Nasdaq 100

that people have been shorting all week. I don't think the short-sellers want to go home this short, and I expect a daylong rally in that group.

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

letters@thestreet.com.