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Who knows if this rally can continue. But there's one thing that happened that can't be dismissed: We got to a level where sellers dried up and buyers came alive. Whenever we hit that level again it will serve as a floor, I think a hard-to-crack floor, that will make for an interesting bounce at the least and a solid foundation at the most.

Why should we care that much about this? Because until this thousand-point move, there simply was

no reason

to take the beating of being in equities. I believe that we hit the bottom for at least a third of the stocks, those stocks that yielded more than cash and have half-decent prospects. Another third -- the cyclicals and growth stocks with little yield -- are still going to struggle, and some have, no doubt, put in a bottom while others haven't.

And then there is the vicious third, which reside in techland and I think have no serious way to go higher. They are fighting for survival.

By way of explanation, let's take

Verizon

(VZ) - Get Report

, which I own. It rallied in part because of good

Vodafone

(VOD) - Get Report

numbers and in part because it is a big part of the

S&P 500

. But it is about to report and I think it will report a number as ugly as the others in its cohort.

Is it done going down then? No. Will it hold where it held last week? I think the answer is yes. That scenario should be repeated many times over for many different companies.

Contrast that with the

Lucents

(LU)

and the

Nortels

(NT)

and the

Qwests

(Q)

. They had nice bounces, too. Those bounces are for selling. That's a chance to pull some money out of losers and reposition into winners.

That's the only smart thing to do.

James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. At the time of publication, Cramer was long Verizon.

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