If you are going to run with the super bulls, periodically you are going to get gored. So, let's take

KLA-Tencor

(KLAC) - Get Report

. The stock of this company has been one of our best holdings this year.

But today we got whacked for 8 points. As I yank the KLAC bull's horn out of my backside, I try to think about all of the pleasure this stock has given me. But that vicarious joy can't offset the gaping hole KLAC just put in my derriere.

One of the reasons why we sell stocks on the way up, taking a little off at each level, is when they get rocked, we can buy some of them back, as we did with KLAC. But that doesn't mean you can walk out of here feeling whole.

So we leave here today feeling that we put money to work in excellent fashion, but we still are feeling the wounds from the stocks that gored us.

Random musings

: I see no long-term bottom in insurance, but I was heartened today that

Progressive

(PGR) - Get Report

, a very well-run insurer, did not go down after it preannounced bad earnings. That is how bottoms get formed, so I am keeping an eye on it ... Many thanks to Bea Garcia, David Satterfield and the good folks of

The Miami Herald

for giving me a chance to speak at their fantastic conference this weekend. That was a terrific event and many of you were there to see it ... Taking off tomorrow to lead the field trip for my daughter's kindergarten class, which would have been canceled otherwise because my wife can't drive yet. Can't cancel the field trip! Those were the only good things I remember about elementary school, especially that great one to the

Bond Bread

factory. So I will be the driver and will have to pass up tomorrow's rematch between the bulls and the bears ... BTW, my wife sends her regards to the well-wishers out there and says that while she is in dull pain, the prospects of regaining her strength in her withered left arm inspire her. A few screws, a plate, some bone from a bone bank, and good as new? Keep your fingers crossed.

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