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We just put on a couple of el-cheapo out-of-the-money puts for the twofold purpose of making a few smackers and having a net beneath a couple of stocks that we might want to buy. We used that blip up after 2:20 p.m. to get some in. We picked some tech and some retail to shoot against -- nothing with an edge and not a lot of capital.

No brain surgery. The bonds haunt us, and we don't want to be standing there when we wake up in the morning on Monday and read articles about how the


will tighten. We have to fall a little further when we read those articles, and I want to be in shape for them.

Why so protective? Because every macro number we had these last two days was horrible. There wasn't even any guesswork. You don't need

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James Padinha

to know which way this wind blows.

Oh yeah, and I have been referencing

Padinha for one reason: As much as I love the cheery nature of the Kudlows of the world -- they suit my optimistic bent -- I know that inflation flares at times and must be squashed when it flares.

James J. Cramer is manager of a hedge fund and co-founder of 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