Oh, that tabled money. Just itching, just itching to get in. We covered most of our shorts here. And we bought some of the big-cap old-line tech just now.
We also bought some food and drug stocks -- you know, the fridge and medicine-chest stuff. They seem right at this moment. They don't want to go down any more. They aren't issuing shares. They aren't difficult to get in and out of. They aren't buying other companies for billions of dollars.
This is the first real dollar amount we have put to work since the
taking it off the table. But we aren't making a big commitment because "everybody seems to be long," meaning that people owned and bought stock for the end of the quarter and they don't seem to have much appetite for more. They all seem to be long the tough technology names that are causing all of the havoc.
We want liquidity. We don't want to have to beg a broker to take us out of positions if we are wrong. But, of course, we don't think we will be.
We will, however, probably be too early in this round of buys, as we have to face a long afternoon filled with bearish rumors of hedge fund firms closing doors.
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