Ouch! This Selloff Smarts!

What would this market look like if

Greenspan

hadn't

been reappointed? Ouch! Down 240

Dow

points and 120

NDX

points, we get a little bolder. We leg into a little-trashed

B2B (like in the

Rotisserie League

). Twenty-five hundred here and 2500 there.

We took down some

IBM

(IBM) - Get Report

, which is hardly a Dow dog and makes a ton of sense to us now that the Y2K bug is something that

Terminex'd

.

Join the discussion on

Cramer's Latest.

B2B Forum

.

We eyeballed

Siebel

(SEBL)

, but didn't pull the trigger (like when

Stuart says "Buck, Buck" and flaps his arms after

Mr. P

won't buy 500 shares of

Kmart

(KM)

). We got whacked on some

EMC

(EMC)

,

Compaq

(CPQ)

and

Motorola

(MOT)

.

Jeff Berkowitz

doesn't even want to posit when the selloff might end. Me? I am strictly a "buy'em when you can not when you have to" kind of guy.

Meanwhile,

FreeMarkets

(FMKT)

gets halted. Oh please, new managements -- figure out how to do this stuff better. Whatever the stuff is.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long IBM, EMC, Compaq and Motorola. Cramer's fund also may be long or short certain stocks in his B2B rotisserie league or Red Hot index. 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.