The Coast's Not Clear Yet

Cramer's only seeing real strength in Intel, and that's not enough right now.
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We don't know either.

We don't know if the selloff is over. If we had to bet, we think it holds, but we don't have to. We just don't want to get blown away.

Remember a few weeks ago I wrote that we should remember these good times and bottle them up for the bad times? Well, open the bottle. There are better times ahead. Clearer times.

Sure, it looks great. But if it were really powerful,

Cisco

(CSCO) - Get Report

would be ramping and

Lucent

(LU)

would be snapping back, and you would have a bottom put in

Microsoft

(MSFT) - Get Report

.

Motorola

(MOT)

would also be acting better.

Right now, only

Intel

(INTC) - Get Report

is showing great strength, and that's because of

SG Cowen's

big upgrade (That firm's been a huge bear on the chipmaker.)

That's not enough.

But remember, we are not about trying to call bottoms; we are about staying in the game until the coast is clearer and we can press the bet.

Random musings:

Lots of lockups and pieces being offered. That makes for minefields in the newer companies. Tread carefully.

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