Those Semis Need a Speed Limit

Even the semiconductor-related companies, which are among Cramer's favorites, still hurt when they run you over.
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Did anyone get the license-plate number of that 18-wheeler of a semiconductor-equipment company, Novellus (NVLS) , which ran me over this week?

Talk about pain. I have Novellus's tire tracks up and down my back.

Today it is like Novellus slammed itself into reverse and ran me over again just to prove the point.

I have had a decent handle on this selloff so far, except with the semiconductor and semiconductor-related stocks, which are still running around the highway at speeds that shouldn't be allowed.

I thought I had trimmed these back to just a couple of holdings, which I told myself I would welcome if they came down so I could be bigger in them.

But not this big.

So now, while I sit, wrecked in Novellus and

Texas Instruments

(TXN) - Get Report

, I am doing (I just typed "doping," which seems more

cinema verite

), I do what our firm calls de facto buying, which means by not selling them, I am making a statement that I will give back some of the profits I have in these in order to ride out what I think is pure profit-taking.

Could I be wrong? In the vernacular of my wife, the trader, I was wrong already. I stayed long them when I could have sold them for a much bigger profit.

For me, these are not trades. These companies are doing what I want them to do and have, at least in my opinion, great fundamentals.

But when they run you over, investments or trades, they hurt just the same.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Novellus and Texas Instrument. 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.