Here we are again. Everything is good. The

Fed

took action. The earnings remain strong. The bull market continues. Stocks go up on good news, cosmetic or not, and the bears lose another round in the never-ending boxing match. The only thing that changed is that some heavily margined players got cleaned out and everybody else lives to play again.

Isn't that what we have to conclude as we watch

Cisco

(CSCO) - Get Report

ramp solely because of the split? Isn't that what we have to conclude, now that

MicroStrategy

(MSTR) - Get Report

is back -- regardless of whether it should be? Isn't that what we know to be the case now that both

Dow

stocks and

Nazzdog

stocks are running? Isn't that what we have to conclude now that

Justice

doesn't want to

destroy

Microsoft

(MSFT) - Get Report

?

Once again, the folks who ridiculed those of us seeking to stay long and buy on dips are poorer, as we are richer.

Until the larger picture changes and earnings go bad and the Fed takes us to rates that we can't imagine, we are safe to play again.

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