Margin clerks may have the day off. Most of the heavily margined names I follow are, at the big turn, not down. Many are up. That may mean that we have a reprieve and a reprieve means that the

NDX

goes higher.

There, my neck is out there. Go chop it off.

But I watch this margin stuff like a hawk and I can tell you that, with the exception of

Vignette

(VIGN)

,

InterNap

(INAP) - Get Report

and

Software.com

(SWCM)

, I don't see anything that will be chopped to pieces.

That would mean the bottom in the NDX was reached precisely when I wrote that my

buys were wrong!

Contrarians of the world, unite!!

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