Trimming Time

Cramer says he's unloading some overextended positions.
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You've heard of the half-full-vs.-half-empty way of looking at things. Something about today makes me feel that we are overflowing the glass!

We are taking some profits on the most-extended stocks. Oops, that is one of those silly Wall Street phrases. Let me use English: Some of our stocks have gone up every day; we are taking a few of those off the table.

A low put/call ratio, plus a crummy advance/decline line and an overall sense that we might mark some time (another euphemism for "go down") for a moment or two, causes us to do some trimming here.

I wish the glass looked half full to somebody.

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.