Swimming With the Tidal Wave

Cramer has some good news and some bad news about this morning's selloff.
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Did you notice that quick blast down at the opening? That was just spillover from a monster seller of SPX futures. It created a tidal wave of selling that overwhelmed the good and the bad.

The good news is that you can use that tidal wave to buy the stocks that you like at your price. We did it with

Hewlett-Packard

(HWP)

, which went down just enough for us to get in at a point discount to where we thought we could get it.

The bad news is that the big futures seller shouldn't have been able to knock the market down so easily. It makes yesterday's move seem somewhat exaggerated and more fleeting.

And it reminds us that, as I

said yesterday, the coast is still not clear.

So we pick at weakness and we sell inordinate strength. Business as usual.

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