Pfizer Pfrustration

The company's recent weakness has complicated Cramer's drug-stock-buying strategy.
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Looks like

Pfizer

(PFE) - Get Report

better open a Web site -- and fast!

There's nothing like a conservative, well-managed company coming out with conservative, well-managed numbers on a day when we need some real promotion and hype.

Yeah, Pfizer makes it tougher because I want to buy drug stocks when no one wants them, and now nobody really wants them. I am using the weakness in Pfizer to buy other drugs that have products up for approval next week. It's frightening, which means it is probably right.

I would love to step up to buy more

DOT

stuff, but not until it retests that miserable down-25% low.

More importantly, I want to alert you to a bear watch. Selloffs like these usually don't conclude until you have 10 straight talking heads coming on to tell us "Yes, I told you so -- the bubble is bursting, and it's all over." I figure that starts at 2 p.m. today.

So when gloom-and-doomer No. 10 comes on, and when

Placer Dome

(PDG)

and

Barrick Gold

(ABX)

get recommended, I will feel better about committing more capital.

In a world of incredible uncertainty, that news cycle is something you can take to the bank.

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 the stocks mentioned, although holdings can 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.