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What a gauntlet investors face! Take this Cisco (CSCO) . You know where my heart -- and my money is -- on Cisco. Bought some more during the dip today.

I was going through my mail from the other day trying to gather some thoughts on this

General American

problem, and I found this gem on Cisco that I received right after I mentioned that I was buying the Cisco Auggie 60 calls at $58 on the common (my best call of the quarter by the way).

"James: The Ferguson-Fractal says not yet for CISCO ... The bottom block has not completed and money is still flowing out of the stock, even though you say it's up after hours. Perhaps you jumped too soon. Or is the Fractal Wrong? Stay tuned..."

To which I say, stay tuned to what? What the heck is a Fractal? What's a Ferguson for that matter? And how can people make judgments like this that have nothing to do with what Chambers and Company are about? Or to quote

Sonny Corleone



in that great

Godfather: Part II


"Whaddya go to college to get stupid, Stupid?"

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I find some of this stuff just annoying in its dogmatic "know-nothingism." My neck is out there, Fractal or not, based on my "work," which is the sum of everything I know about Cisco's business. How can people trade on this other stuff?

Fractal. Holy cow. Didn't take that course.

Random musings:

Jeff calls and says, "Hey, let's stop waiting and do a little selling. So we are taking some 5000s and 10s off the table. But don't get your sells in an uproar. We are redeploying capital in some of the casualties of the

Merrill Lynch

call. Net neutral." Analysts who liked the

First Brands

acquisition by



may want to test some of those bags over their heads. Poke holes first ... or maybe not if you were long it.

James J. Cramer is manager of a hedge fund and co-founder of At time of publication, his fund was long Cisco. 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