The Margin Monster Is Sleeping

That is what the trader is hearing from his sources -- and why he is committing more capital.
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Margin clerks may be able to sit on their hands today. There are many players already sold out and I am not hearing from my sources that there is more selling coming. We are disappointed in the action in listed tech, but we are not that fearful that we will have another whoosh down at the end of the day.

When the

NDX

touched the 3700 level we committed another 10% of our cash. We want to be in. We are buying retailers -- look at this

Best Buy

(BBY) - Get Report

! -- and we are doing another round of semiconductor buying.

And we are trying to get our arms around the brokers -- dicey but they seem poised for an up move.

We are covering some shorts.

McDonalds

(MCD) - Get Report

, for instance, doesn't want to go down, so we are bringing that one in. And we don't want to be short any high-octane tech down here. But that doesn't make us want to be long it!

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