Pile Up the Sandbags

Cramer's got a feeling that the low of the day probably won't be the opening.
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Sandbags. Pile the sandbags. The market looks terrible. Are we ever in a good-day/bad-day mode.

For us, these

numbers that knocked the market so are simply more evidence of what we know: The economy is hot. Therefore, we have to endure more

Fed

saber-rattling and more jitters.

I would not be surprised if the

SPX

futures-sellers, who have been pushing their bets incredibly heavily, don't come in right here to try to knock the market right out of the box. (That's why they are so below fair value.)

Me?

Using those programs to pick my spots. The semis have been the hottest; they are ripe for profit-taking. I will take advantage of that profit-taking, stick some bids in and hope I get hit.

No heroes, though. Gingerly bidding down and betting that the low of the day may not be the opening.

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.