This bat on my shoulder is getting heavy. I have already bought some stock at this level, and just so we are clear I am talking about
in the down-11 area.
Now I have to wait. With high-quality stocks down 10 and 11 and 18 points, you can't commit too much capital at one level. The year is just beginning.
Maybe, just maybe, we won't see lower levels and we will be mad at ourselves for not putting the whole fund to work at the bottom. But that's not what we do.
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We buy 15,000 Motorola shares here and then we wait. For what? For lower prices. If we don't get them we have a small position in Motorola. If we do get them, we buy more.
It may not allow us to hit a home run. But the on-base percentage is vastly superior to the home-run hitters. That's what counts on these bad tape days.
: Another bad day and do we get price-target reductions? I don't think so.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Nokia and Motorola. 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