These down-5%


days don't make any friends among the traders out there. People got too bullish into last week's ramp and now we have to take it down again to see what happens.

If the pattern holds, we mount a half-hearted rally at the opening on Tuesday, which then fails, and we get a chance to buy them when they come in.

If they open lower we can just buy them. But that has not been the pattern.

Oh yeah, and at the opening they tend to look really great and fool a ton of people. The game is getting hard, to say the least.

Ultimately we are getting sick of a market where, even when we are lean, we can get hurt. Especially when some Big Board companies rally, making the


hold in. The Dow is now making the same mockery of the NDX that the NDX did of the Dow all last year.

Doesn't make the action very inviting, short-term, even as it makes things much better long-term. That's why we sat on our hands for the afternoon and may do the same tomorrow.

James J. Cramer is manager of a hedge fund and co-founder of At time of publication, his fund had no positions in any stocks mentioned. 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