It could have been worse.

The

Fed

could have said that the

Nasdaq

is the enemy of the people and should be halted in its tracks. Or it could have been, "Fed Says

MicroStrategy

(MSTR) - Get Report

Harbinger of Things to Come." Or "Fed, Noting Outrageous Rise in Business-to-Business Plays, Urges Higher Margin Rates."

Nonetheless, it is hard to stand there and buy stocks when the Fed nonchalantly keeps sending rates higher. We felt pretty silly buying 'em up 100 on a nasty Fed day. We are hoping that our faves come down again so we can buy them, but what else is new.

Nothing special either way.

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.