How much of the action today was window dressing, how much of it was real buying? How much of it was because we were oversold and how much of it was because we are simply sold out and people are done selling?

And how much of it was because some fund or funds got too negative? Several funds that were short this market had to scramble furiously in the last half hour to cover, and with it the


gained an additional 2%!


Cramer Berkowitz

, we must have had 10 audible meetings off the desk to try to figure out whether something had really changed or whether it was all the questions I pose above.

In the end, we settled on thinking that this was just another rally, exaggerated by marking up of

the Buzz and Batch variety. Secretly, I hoped it was more. I say secretly because the fakeouts have been so frequent that I didn't want to articulate anything in our meetings other than, "They are going to really get the shorts here," as I said in

the first piece of the day.

And they sure did.

James J. Cramer is manager of a hedge fund and co-founder of 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