Riding the Train to Reprieve-ville

You got nervous there? That sell program had you scared? You thought for a second that those bears in the futures markets wouldn't let it lift?

You thought wrong. We are in

reprieve-ville

. The advance/decline line looks great. The cyclicals have a little traction. (I am using the

Morgan Stanley CYC

index when I say that.) And of course the

Red Hots are acting like

A No. 1 Haberneros Chili Peppers

-- you know, the ones that if you touch them and then touch your eyes you burn them.

For us, we are letting a little of our giant chip positions go, mostly some excess

Conexant

(CNXT) - Get Report

bought when everyone was panicking Friday. But we are adding to

Texas Instruments

(TXN) - Get Report

, having read some article that said Texan was undervalued.

"Shoe-Box"

Steve Ballmer

gave us a good

scare, didn't he? Hope he's covering.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Microsoft, Texas Instruments, Conexant, VeriSign, Redback Networks and JDS Uniphase. 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.