We must be near to something. I actually debated purchasing Dell (DELL) - Get Report with Jeff just now. No, not a Dell Pentium III, but the actual stock. Dell simply isn't as expensive as it once was. It has some of my favorite analysts behind it.

But we could not agree to pull the trigger. We just like too much other stuff. That said, this was the first time since we exited the stock that we felt it had reached a level where you could make a case for the stock.

Yeah, it feels like we are trying to put in a bottom. But it is only 12:30, and we haven't even gotten through the 2 p.m. sell hour. How can we get aggressive before that automatic swoon? No way.

So, what are we doing? Heck, listening to

Clinton

, making calls on

Coke

(KO) - Get Report

and

Pepsi

(PEP) - Get Report

, trying to figure out whether to be more aggressive with telco-tech in light of the

BellSouth

(BLS)

selloff. (These folks buy a lot of telco-tech, so we have to pay attention.)

And we are waiting. Waiting for the time to pass. We have bought stock at these levels. We don't know if they will hold. If they do, we will have committed some capital. If they don't, we will buy more after we see how the market takes the sell hour.

Frankly, it's nice to be batting around Dell again. Dell's like the home team for us. Nah, check that. I'm from Philadelphia. What has a home team ever done for me?

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 the stocks mentioned, although holdings 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.