Stop confusing bullishness with recklessness! Those of you who are conflating "buy when you can, not when you have to" with possible accounting worries are being reckless, not bullish.

Let me explain. Right now the partners at the big accounting firms are convening meetings. With hushed tones they are saying, "Man, we are really going to be under fire here. We checked off on stuff just like they were doing at

MicroStrategy

(MSTR) - Get Report

. We have to go back and look at those contracts. We have to be more conservative or we are going to be sued. We hate being sued. We may not even be insured for it."

Right now chief financial officers of major contract software companies are on the phone with those partners saying, "Are we OK? You said we were OK. I don't want to get sued and I don't want my reputation ruined. Unlike Michael Saylor, I don't have billions of dollars and I have a wife and two kids and I don't know what is going to happen and please help me."

Meanwhile, across the Street, the analysts are telling us not to worry, to ignore those CFO and accounting partner discussions. Or they are asking us to believe they aren't happening at all. They are telling us that everything has been checked off already and there is nothing wrong.

Wrong!

Everything had already been checked off at MicroStrategy too! Checked off don't mean squat. I am repeating this:

Checked off doesn't mean squat

.

Don't confuse recklessness with bullishness. This is one of those moments where it pays to be conservative. That's OK. That's not a sin. That's not stupid. Just like you can't let the bearish sirens throw you off course, don't let the reckless bullish contingent take you away. Stay in the game. That's the goal right now.

Stay in the game!

Random Musings

: Great piece today by Tim Jackson,

QXL.com

(QXLC)

founder, in the

Financial Times

on page 13 about "Strong Brands Stand Tall in Online Shakeout." Makes many, many great points.

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.