Did you think it would just come right back like nothing happened? Do you know how much damage there was? People left their turrets yesterday with their heads spinning and they are anxious to flip out of whatever they can.

It is this selloff, right here, that we have to suck it up and buy. Oh, is it hard. Oh, does it feel miserable. Oh, are we scared.

Sounds right. The first wave is holding.

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

jjcletters@thestreet.com.