We scrambled the jets. We took leave of our discipline, which is to buy weakness. We bought strength. We put some money to work in that brief nanosecond where the market seemed to dip from wildly positive to just positive. And then we put some money to work higher.

Now we are waiting. Part of the problem with writing an online diary is that when we are waiting, we aren't doing anything other than listening to conference calls. Boring stuff like the fact that

Deere

(DE) - Get Report

was good -- we think because of giant farm supplements from the Federal government. Nothing really reportable.

We are picking at the faux weakness of the drillers, adding to a

Schlumberger

(SLB) - Get Report

position. We bought a little more

EMC

(EMC)

up 5/8 of a dollar. We bought

Pepsi

(PEP) - Get Report

when it was down off of

Coke

(KO) - Get Report

because we think Pep is taking it to Coke.

Mostly we are waiting. I am waiting for my Cobb salad and then I am waiting for the

Fed

and then I am waiting for my

chat with Bill Fleckenstein on Yahoo! at 5 p.m.

Oh sure, we are plotting too, plotting for what would happen if we get a momentary blip down after the Fed talks. I personally don't think we will get one. But my view is not shared internally.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long EMC, Schlumberger, John Deere, Yahoo! and Pepsi. 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.