Waiting for Better Pin Action

Cramer's waiting out this market, just nibbling until there's more action in the tells.
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Let's notch the stakes up here. What's spooking people are the bonds, rates going higher. That's hurting the stock market. What would move the bonds down in yield and up in price?

From these levels, the elixir would be an economic slowdown, precisely the kind of slowdown that would impact the earnings of cyclicals.

That's why those rooting for a bottom have to hope that it comes from the high-multiple tech stocks as well as the financials, and even those lowly dogs, the drugs --

not

the cyclicals.

If you are a bull, you should be cheered by the action in say,

Ingersoll

(IR) - Get Report

or

3M

(MMM) - Get Report

, or, most important, the oils. (Don't be distracted by the gold thing, which I don't buy into at all.)

But the corollary, the better action in high-multiple techs and the banks, hasn't happened yet, and while the drugs are only down slightly, that doesn't cut it either.

We need what my wife used to call "better pin action," from her 180 bowling game, in the soft guys, the drugs, the banks and the household goods (medicine chest and fridge for those who need virtual icons) to buy in here.

Waiting.

Nibbling and waiting for better pin action in those tell stocks like

Cisco

(CSCO) - Get Report

or

MCI WorldCom

(WCOM)

or, yes,

Goldman Sachs

(GS) - Get Report

.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Cisco, MCI WorldCom and Goldman Sachs, 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.