We are using the nastiness to buy stocks we love, particularly seasoned tech and the Net. Yes, shocking, the Net. We think the Net came down first, and it makes sense to buy the good Nets and the companies that build out Net infrastructure.

I know that seems gutsy, but no one ever accused

Yahoo!

(YHOO)

of

MicroStrategy

TheStreet Recommends

(MSTR) - Get Report

problems and I don't think they are going to start to do so today.

Same thing with wireless handset companies. They are smoking. They are getting hit by the run-out of margin. They make sense, too.

And we are buying personal computer companies.

We aren't selling anything.

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