Play that game film in reverse. Go back to Thursday afternoon. See, right there, that

V bottom? Now trace out that right side of the V. How much of that right side was simply the beginning of a vicious markup rally by a couple of institutions?

I guess we will find out in a couple of hours, because these

Nazzdog

futures are putting us right back in that V's fulcrum.

In retrospect it was easy betting that the selling would stop for Friday. Institutions had given back so much performance that you had to believe they would try to preserve whatever they had left.

Today there are no preservation instincts. Today they let the market seek its own,

Microsoft

(MSFT) - Get Report

-trashed level. This time there won't be a whoosh back up because we still haven't had the harsh ruling.

Welcome back to no man's land.

Random musings:

Don't believe me that we are back to Thursday's hell? Then what is

Nokia

(NOK) - Get Report

doing back at 205, where we bought it Thursday?

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