Can't be too fired up about this opening. In typical fashion, the semis opened too high, the B2Bers were too strong and the Net was too upbeat.
Now we are paying the price. Lots of people bailing out of
because the opening didn't hold. That's a fairly common pattern, and it is why I hate high openings. Some of this stuff is positively treacherous. Take
, which we like.
Join the discussion on
. Someone was buying it aggressively at the opening. And then the buyer simply dropped off the face of the earth. Unfortunately, in the interim, he stirred up a nest of sellers. They are stinging the stock left and right.
We are choosing down 15 to make a stand, a 2,500-share stand (kind of like a sand castle moat at Cape Hatteras) and we will do the same again down 25. Will it get there? Remember, we don't care. We have to buy when we can, not when we have to.
What's working? Not much. But the day is young.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Tibco Software. Cramer's fund may be long or short certain stocks in his B2B rotisserie league or TheStreet.com New Tech 30 index. 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