If we had money coming out the wazoo like that guy in the commercial, we would be buying the

Red Hots (recently renamed the New Tech 30) today.

But nobody has money coming out the wazoo.

Yesterday's failure of the

NDX

is now history. It will, however, make traders feel that they should puke out their Red Hots on the opening.

They learned that yesterday.

But there is one problem. What worked yesterday may not work today. If history is the guide, now you have to buy them, not sell them. You have to wait until the traders punch out their gains over yesterday, but you have to buy them.

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Without a gush from the wazoo all we can do is put some of our cash to work in the most damaged names. We take the best fundamental Red Hots and we overlay them with the biggest percentage declines and we buy those in that Venn diagram. (I always wanted to use that term.)

And, like everybody else, we wait to see if it holds. There are two things that can never be underestimated: the power of the margin clerk and the power of the snapback of stocks that have been under margin pressure after that margin pressure goes away.

Those of you who have money coming out of the wazoo can feel free to disregard this.

Random musings

: Win on

PPI

, next stop Taiwan election. I am bullish about this, but others are more worried. Be forewarned.

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. Cramer's fund may be long or short certain stocks in his biotech or B2B rotisserie leagues or TheStreet.com New Tech 30 index. 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.