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Use the Weakness and Some Common Sense

Cramer knows it's tough getting everything in line, but he's not going to stay in the shadows today.
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Tough to get everything aligned. Today it is the bonds that are playing havoc. Maybe it is because of oil's rally -- I know I said I would short the drillers on strength and I am doing just that -- or the fact that gold hasn't cratered.

Whatever.

We can stay fearful of our shadows here or we can use the weakness to get into some things that make sense.

Colgate

(CL)

is not as bad as

Avon

(AVP)

.

P&G

(PG)

is not as bad as

Gillette

(G)

.

So we buy those. (We also bought Avon, too, because that is ridiculous.)

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But the bonds are preventing any bottom-fishing in the financials. The drug stocks are carryover weakness from Avon/Gillette. And people are getting fearful about the telco-techs -- don't worry I am not -- because of the pending

Sprint

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-

MCI WorldCom

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merger.

When you think of it, a giant client of these companies will go away with that merger. Maybe I should be more fearful, but I am in the position of hoping

Nortel

(NT)

and

Lucent

(LU)

come in because I don't own any. And I want to get those long again.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Colgate, Procter & Gamble and Avon. 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.