Watch for the Whites of Their Eyes

Cramer plays the waiting game.
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The whites of their eyes. You have to see the whites of their eyes before you can be sure that you have a good trade to the long side right now.

What constitutes whites of their eyes? How about the NDX being down 70 to 80 points, where it was earlier in the week? How about when the semi stocks look less robust? Maybe when the bonds get to my buy level (88 plain)?

You have to wait because look at that calendar. Other than potential month-end buying to mark up positions (illegal, but hard to spot), there is nothing out there to get you excited.

Not only that but some of our best safety stocks, the

Mercks

(MRK) - Get Report

and the

Glaxos

(GLX)

, haven't yet put in definitive bottoms. That makes me nervous. We get bottoms either by too many puts being bought on tech and the group does a slingshot reverse, or when the safety stocks, a la Merck and

Bristol-Myers Squibb

(BMY) - Get Report

start stabilizing.

Until then, we just haven't created enough desperation to make a trade that we know will be a hit.

So why buy the

Motorola

(MOT)

? At least there I have a catalyst, a meeting. Something that will give the sell side a story to talk up. But without a specific catalyst, it still seems too dangerous to take stock here.

Whites of their eyes. Wait. Patience. Lot more day ahead. Do you think you won't get a better buying opportunity during

Ron Insana's

show on

CNBC

? If you don't, be my guest. I want to play the percentages, though.

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