"Wait a minute, Doctor, he's got losses coming out the wazoo!"
Yes, it is one of those days. The Billion-Dollar Behemoths didn't rally, so now they get sold out from underneath the margined players. The patient is being wheeled into the operating room to see if the losses can be stemmed. But it is awful hard to cork the wazoo.
So now we do our second round of buys, which means a little bit of
in my life, a little bit of
down about 12, a little bit of
under 80 -- but doing it in small increments right into pain.
We know the last hour could be brutal and we want to buy into that brutality. We are not looking for a snap-back rally here, but we want to put a little on.
"Does this man have any insurance?"
Doctor, there is no insurance against the goring done to the Yahoo! -- oops, wazoo -- by the margin-clerk monster.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Nortel, Oracle and Yahoo!. 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