We are legging into some semis and some biotechs that we think have been hammered mercilessly morning. Not big, but fives or 10s. Take

LSI Logic

(LSI) - Get Report


We had scaled that one back dramatically and it is off huge. So we are buying some of it back. We are also picking up a small amount of


(VRTS) - Get Report

down 12. Last night rumor had it that it would be added to the


and it wasn't. That's a silly reason for a stock to be down 12.

We accept that the market has to price

Abby Joseph Cohen

in. The market is extremely imperfect in how it does this.

Soon we will be picking at the Net, too. Again, not aggressively because all day the Cohen call will reverberate. But picking our spots seems very right for the rest of the day.

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