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Long day ahead. The whoosh down doesn't interest us very much, even as we expect we will get a little splash up because the stocks we follow are in free fall. Actually the ones we don't follow are also in free fall.

We expect several bounces with the first couple not holding, but the 2:45 p.m. one making a stand worth looking at.

The problem is the Friday Crash Theory. Usually when we have an ugly opening like this, people recall other Fridays where things didn't rally at all ('87, '89 were the most recent vintages) and it spooks them.

What are we doing? Down 3-5, we are buying 5,000s of our favorites. We just bought 5,000

Xilinx

(XLNX) - Get Xilinx, Inc. Report

and 5,000

Wal-Mart

TheStreet Recommends

(WMT) - Get Walmart Inc. Report

. Small commitment for a small bounce.

But stocks that were unchanged to down a dollar, we kicked some out to buy 'em lower.

Why buy at all? Because the volatility index (

VIX

), that great market barometer of stress is at 39 -- too high -- indicating much too much selling pressure.

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