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Waiting Out the Margin Selling

The trader isn't buying the Nazzdogs until he's sure it's over. Until then, JJC's reading the broker survey.

Good nap! Just kidding. We are keeping our powder dry after our first buys. So if we bought


(NOK) - Get Report

at 206 this morning, we aren't going to buy more until it is lower.

As far as the


, we are in margin hell. We can't add until we are sure that the worst of the margin selling has happened. I don't care if I am boring you with this margin stuff, it is making us good money and we talk about it incessantly and it kept us from buying that blip up.

As it became evident that there was a move into the consumer stocks that had some traction, we added to our food and drug companies.

And we wait, and read the


broker survey and wait and read it again.

Oh, for full color, I have lost my voice so I am AOL Instant Messaging anything I want done. Real drag.

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Random musings:

Great, we buy the


(INTC) - Get Report

off the


mess and sombody spreads rumors that



is going to preannounce. So we buy some of that too. Are we gluttons or what?

James J. Cramer is manager of a hedge fund and co-founder of At time of publication, his fund was long Compaq, Nokia and Intel. 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