For us, with the exception of Intel (INTC) - Get Report and maybe some BUD (BUD) - Get Report, it is too late to buy. We bought into the weakness Tuesday and Wednesday; we can't pay up here now.

Such a "philosophy" is really the remnants of when my wife, the Trading Goddess, ran the trading desk. When we would have a big rally off the bottom, she would just put up the hand, the big stop-sign hand, and I would be silenced.

"If you liked it, why didn't you buy it yesterday?" she would say, and she was so, so right. I hear her in my head when I go to buy some


(MMC) - Get Report

-- as well as my partner,

Jeff Berkowitz

, in my face, for that matter -- and I retreat back to a read-and-watch mode.

We have begun to trim back stocks that are up 8, 9 or 10 points that we bought down yesterday. We don't want to be caught during the 2 p.m. sell hour -- that lull when we tend to hear a surfeit of bad news -- with a boatload of stocks.

Maybe a tip of the chapeau, if I had one, for

Abby Joseph Cohen

, who did a fine job picking her spots yesterday and reminding us that the world has not come to an end. Talk about the Anti-Chicken Little!

Timing is everything in this business; she has it.

James J. Cramer is manager of a hedge fund and co-founder of At time of publication, his fund was long Intel and Anheuser-Busch, although positions can 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