The Opportunist

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I know, I know. Wow, egg on my face. Look, I see what the futures are doing. I sense the fear. I didn't expect it to be up another 200 points. I think it will stop eventually, if not sooner.

I am buying what I like. I am gratified that I have a chance to get in for the things I believe in.

This is a tough tape and all the news is negative. But again, I cannot look in the rearview mirror.

Long Term Capital

has been bailed out. Sure, it was horrible. But it happened.

I am not going to sell banks today. I saw the banks go down and down and down and I kept thinking, what the heck is out there that would make these things so unbelievably bad?

Now I know. It was Long Term Capital.

Sure, there could be more disasters out there. But this was the kahuna and I am viewing it opportunistically, not pessimistically. Period.

James J. Cramer is manager of a hedge fund and co-chairman of TheStreet.com.

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 by sending a letter to TheStreet.com at

letters@thestreet.com.