This Tape Was Made for Buyin'

So that's just what Cramer's gonna do.
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Now this I like. Guys puking up

Mister Softee

(MSFT) - Get Report

. People really thinking

Lucent

(LU)

is a bad miss.

Acampora

allegedly weighing in negative on the Net (see my Oct. 8

series for how helpful he was). Guys dissing the

Time Warner

(TWX)

buyback.

Give me a break! This is when you start buying, not when you start selling. This is the type of give-up that lets you in. So I am picking away. Heck, I don't want my head blown off. And it is a very long day.

But these kinds of tapes were made for buyers.

What I like especially is I hear a ton of wise guys buying

NDX

puts and putting on collars (that means making an insurance bet against the NDX) on the Nasdaq 100. Those guys create enormous downward pressure, typically without much follow-through. You always have to be careful; when NDX put buyers come in, they tend to have

giant

egos, and they will want to come back several times to

make themselves look right

.

We have seen it all before, and this is

not

how it all ends. Gotta go stick some bids in.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At the time of publication, his fund was long Time Warner, Microsoft and Lucent, though positions 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 by sending a letter to TheStreet.com.