Red-Tag Discounts

Cramer's still putting money to work on weaker stocks with stronger earnings.
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Jittery tape ahead of

Greenspan

. Jittery tape after earnings. Guess I should be shaking more. But I am still putting money to work on those weaker stocks with those stronger earnings. Taking advantage of the red-tag sale, I guess you could say.

Xerox

(XRX) - Get Report

doesn't help.

Nokia

(NOK) - Get Report

certainly hurts.

Broadcom

(BRCM)

certainly stings.

Bring it on, I say. The pessimism is helpful here.

But be patient. Yesterday,

Ron Insana

held up a chart about a July curse on

CNBC

. We only have a few more trading days in July to show that chart, so you can expect you'll see more of it.

That's why I am buying on a scale. What does it mean for us? We buy 10,000 shares of

America Online

(AOL)

down 2 and then we wait until it's down 4. (Ouch!

Berko

was dead right last night --

Amazon.com's

(AMZN) - Get Report

blithe analysis hurt the whole Net, including AOL.) Remember, we do this kind of buying because we are underconfident about the market's prospects, but we want the market's pessimism to work for us.

And man, is there some pessimism today!

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long America Online, Broadcom and Nokia. 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.