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There's some good news in the selloff this morning. We seemed to hit a floor -- an oversold floor. That's where we bounce because people feel that enough is enough. Everybody who had to sell has sold. At least for now.

I know old tech hangs in. There is some excellent action in the semis and in the companies that make the Net go faster, better, quicker, happier -- whatever. My semi buys look good.

So do the cyclicals, which have been wrecked recently. Stocks like

Georgia Pacific

(GP) - Get Free Report

, which saw its high when it preannounced better-than-expected results, have now swooned so far that buyers have come in. I have no conviction here, but it is encouraging action.

Even retail doesn't seem to want to go much lower, arguing that the July results, which no one expects to be blowout ones, may be priced in. I am also seeing some safety buys.

Procter & Gamble

(PG) - Get Free Report

keeps climbing.


(CL) - Get Free Report

seems to be making a stand. The action in


(DL) - Get Free Report

even smells like a bottom, so maybe I can stop going to


(CVS) - Get Free Report


Duane Reade

(DRD) - Get Free Report


Rite Aid

(RAD) - Get Free Report

to buy all the soap bars they have to keep the stock from going down. (LOL.)

A lot of the strength may stem from the bonds doing fine in the face of massive negative group-think, including lots of gloomy TV prognoses.

But most of it is because there has been so much selling that the sellers are taking a break.

Not much more to it.

James J. Cramer is manager of a hedge fund and co-founder of At time of publication, his fund was long Dial. 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