Ah. Now this selloff is more like it. Those lame

attempts to keep up the

Commerce Ones


and the


(AKAM) - Get Report

failed. Still some hand-jive going on in






, but those have a bit of the dutch-boy-dike feel to them.

We are waiting for

Nasdaq Comp

3500 to fail so we can do another round of buying. We will probably buy an NDX derivative call to get long it. But right now when you combine the sales we made with the small buys, we are still net cash


, not in.

Could they whoosh them up? Oh sure. Can the mutual-fund complex just pull up its stakes and go home? Unlikely. But right now the way one seasoned pro who has seen it all told me this morning: "Lotta guys on the bridge, but no one's jumped yet." Fitting.

Wait till they jump.

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