The

Dow

is up 220 and we are getting crushed on our tech stocks, just crushed. Our first buys were hopeless, just hopeless and the collective pain is growing by the moment. Carnage on our screens on an up 225 day -- oh Lordy, say it ain't so.

The Dow is taunting us, just taunting us -- and as long as it goes up there can be no cessation to the pain, as no money is going toward tech.

We are waiting to commit any more capital, having been smoked on our first buys. And now knowing that the margin clerk will surface again we can't do anything but watch and wait for him to occur. We know now that these first buys were Wrong and, while we rejoice that they weren't bigger, we are angry that they were buys and not sells.

The value guy's revenge is being felt like a tightening noose with only the limit-up rule keeping it from going through the moon.

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

jjcletters@thestreet.com.