Singing the Praises of Gary B. Smith

Since Cramer started taking Gary's advice to avoid that first selloff, it's begun to pay off.
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TSC TV: Join the discussion on our

message boards. Of all of the people who have made us money reading

TheStreet.com

and watching the

TV show, I have to sing the praises

of Gary B. Smith

. For some reason, I have always been willing to buy that first dip of bad news. Typically, I get started there and then have to average down the next day or two.

But ever since I have been watching Gary, I have tried, with almost a religious zeal, to avoid that first selloff. Yesterday it came into play, and it has made me nice money.

As I have told this site often, I had made a nice bet against the drillers. When

Halliburton

(HAL) - Get Report

blew up the other day, there I was covering the group. I wanted to go long HAL at the 36-and-change level. But when I mentioned it at one of my meetings with

Jeff Berkowitz

, he said "Aren't you violating Gary B. Smith's rule if you buy HAL?"

So I held off.

Now the stock is at the 34 level. Time has passed. I am bidding underneath for the driller, 2 points lower than had I not listened to Gary.

Sometimes not having money taken out of the bank is even better than putting a little in.

What a great rule!

Now, Gary, I wonder, what do you think of

Avon

(AVP) - Get Report

down here?

Random musings:

OK,

Maria B.

, what do I do now with my semis ? Will you come on

CNBC

at 2 p.m. and reiterate your buy on

Micron

(MU) - Get Report

? You can use

Dan Niles'

re-recommendation if you want to; it just got squawked. Or will you leave us to the wolves? Don't you have an obligation to mention whether you are keeping it a strong buy with a one-one rating? Does it remain on the recommended list? Does it?

As I sit here and watch this stock, which gets buffeted each day at 9:27 a.m., the most sensitive moment when it comes to the stock market, I wonder what happens now? Guess we will know in a couple of hours. Hope she doesn't leave us hanging.

If you have not gone to the Jim Seymour

message board on

Webvan

, do so now.

Webvan: Join the discussion on

TSC

Message Boards. Scroll down to this

Chuck P. Jones

fellow. This is the kind of stuff that is so meaty, you have to read it. Another step toward making our boards a place to make money, as opposed to antagonize people.

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