Dan Niles for president.

Just passing on what someone said in my office during the carnage. Niles is the prescient analyst who upgraded

Dell

(DELL) - Get Report

and

Intel

(INTC) - Get Report

this

morning. He may have stemmed this decline in its tracks.

We like to buy this kind of macro weakness. Our companies aren't affected by it. We believe that the mutual funds have to buy more

tech. We use this kind of dislocation to buy our favorites that are getting clocked. What does that mean? Well, we love

Brocade

(BRCD)

, so we buy a little Brocade down 17. We think

Texas Instrument

(TXN) - Get Report

is ultimately going higher, so we add to our position.

Of course, we couldn't add if we didn't know the fundamentals. You don't want to stumble into a

CDnow

(CDNW)

-- talk about a stock many told me to get long, ouch!! -- on the way to taking advantage of the real bargains out there.

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