Sometimes I like to take advantage of cratered merchandise on days like today. For example, I love Time Warner (TWX) . Here is a stock that was ramping big with lots of good news and a seemingly unstoppable ascent

But then a big piece went on last night, after everybody went home, and that piece did not hold. If you go back and read my column from

last night, I talk about the need to avoid violated prints. But that doesn't include these stealth prints, ones done while I was doing the dishes or watching

Hey, Arnold

with the kids.

Fundamentals good, dislocation, lots of positives but it is off 5% from the high. That's what I call a fine place to get started. Will TWX bottom here? How the heck should I know? What am I, Karnak?

I just try to find levels I can be comfortable with for stocks I like. I love to start a few new positions and deploy my cash on days like today. As I have been saying for days, I have been raising cash because I thought people were too excited about all of this

Dow

10,000 garbage. I don't hear a lot about Dow 10,000 now. And I am deploying SOME of my cash BECAUSE of that.

Random musings:

Don't you think these are the kinds of pieces that the Abelsons of the world must hate? Can't you just see him hunched over his typewriter screaming, "Why doesn't Cramer panic? He should be panicking! First he takes the high road after I hatchet him, and then he has the audacity to be calm in the face of a vicious selloff."

Oh well, sorry, Al.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Time Warner, although positions can 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

letters@thestreet.com.