The crosscurrents -- Cohen vs. window dressing -- are playing out as expected, muting the decline we would have expected otherwise.

It is the excuse factor I am worried about. You have an excuse to sell all day today and that is not going away. If it weren't for

Microsoft

(MSFT) - Get Report

-- and by the way, we bought more after reading

Jim Seymour's

TST Recommends

excellent

analysis -- this day would be a heck of a lot uglier.

Right now we are doing nothing. I mean literally nothing because I just went over to my wife's wrist doctor to check the X-rays. Wise move since there's nothing to do. (X-rays show the six pins and titanium plate are doing just fine, thanks!)

Can't foment something when we are in no man's land. As tempting as some of these discounts may be, we have already taken advantage of them.

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