The wrong index is going up. The unmargined, unleveraged

Dow Jones

has bounce, even as the

Nasdaq

can't put together a win. Yet.

The problem is that as we get closer to margin time -- the money has to be in at 2 p.m. -- and if these newly big-cap Nasdaq names don't rally, we will not be in the clear.

What a terrible thing to be leveraged to weak-handed players. But that's what margin does. It makes the whole game just too hard.

For us that means buying the liquid

vintage Nasdaqers

, but staying away from the rocket fuelers.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. 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

jjcletters@thestreet.com.