The Checklist Rules

Cramer's criteria for a quick selloff appear fulfilled and he's gearing up to make some purchases.
Author:
Publish date:

The

checklist is gratified. We got nice

NAPM

, no downgrades, some legs off of

Yahoo!

(YHOO)

and a positive Europe. For us that means picking at some damaged tech and buying communications names that got head-slammed yesterday.

Join the discussion on

Cramer's Latest It also means going in and taking some crushed financials, like

Chase Manhattan

(CMB)

or

Wells Fargo

(WFC) - Get Report

.

The forces of pain -- notably those who are saying "get me back to even and I will never play again" -- are now busily selling stocks to us. Oh yeah, we like what we hear off of

Sun Microsystems

(SUNW) - Get Report

, but the sellers are still thick in the name. Hey, we think they are wrong. But it sure takes your breath away out there to fight these sellers.

Going for oxygen as I write.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Sun Microsystems, Yahoo! and Chase Manhattan. 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.