Study your funds tomorrow. Hit up the symbols and take a hard look. If you are an optimist, you probably want to cut that 401k check a little early this year. Because today was the day when fund managers lost their shirts and tomorrow, if this


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thing is as bad as everybody thinks, tomorrow is the day they will lose their pants.

If you took something off the table when I

wrote endlessly about it, it probably makes sense to put some money back to work tomorrow.

I don't know if the


is going to bottom tomorrow, the next day or the next month, but today was one of those days where you got a massive shakeout, a mini-crash, where a lot of good stuff got shot with the bad.

Nobody ever knows what the right time to commit money is, but this is surely a better time than any other this year.

I am a professional money manager trying hard to keep losses to a minimum and make maximum gains. I don't think that today was that important; some of the real fluff names have more to fall. But if I didn't have anything in, or if I took a lot off the table, tomorrow may be the best day to put some long-term money to work.

What makes me more confident than usual is that Microsoft represents the largest holding for many funds, and tomorrow should be about as bad as it gets for Mister Softee -- as it will now appeal the ruling forever and the stock should stabilize somewhere in the 80s, where it bottomed when the judge indicated he would do exactly what he did just now.

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