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The Trader Is Thrown a Lifeline

JJC has a chance to get out of his long positions, and he is thrilled.
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They are giving us a chance to get out of what we bought yesterday and we are taking it. In many cases we are getting out above where we bought. In some cases we are taking losses.

We want to get back to the sidelines. These numbers are crummy and we don't want to come up with a scenario that says we were right when I know we were wrong.

I can't believe how lucky we are that they are letting us out!

Jeff Berkowitz

, my partner, thinks this one is one of the bigger sucker comebacks off a low he can recall. To me, I am not second-guessing it. I am just glad to get out remotely even.

People encouraged by the action here may be fooling themselves. We are thrilled to take that third of our capital off at a push price and live to play again.

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And we are selling and shorting some

QQQs

(QQQ) - Get Invesco QQQ Trust Report

against our tech.

Again, we feel very lucky.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was short the QQQ. 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

jjcletters@thestreet.com.