We just threw
into the volcano. We like Palm but we had to sacrifice something. We had to please the gods of trading.
But before you think we have lost our minds, we are actually using an old general staff dictum: He who defends everything defends nothing. You can't average down on everything. Some of our favorites --
-- have come down so much we don't want to build a new Palm position, an idea we started yesterday.
Nobody is rich enough to defend everything. You have to sell something. You have to sell the ones you don't love as much as others so you have the capital to make it happen.
Anyway, it felt good to throw Palm in. A relief. One of the few of the day.
P.S. Todd Harrison, our trader, just bet us on a 3-1 basis that
finishes up today. Good, I can lay off some risk that way.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Texas Instruments, InfoSpace.com and National Semiconductor. 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