Today is looking like a textbook day of what I think we will see for much of the good times this market will have. So let's use it as a litmus test. If your mutual fund is breaking even today, and you are using that fund as your exposure to the stock market, I think you have to reconsider and begin the process of repositioning into something that can do better in 2001.

Funds that have too dominant a position in telecommunications and the ancillary plays from that business won't be participating in these kinds of rallies. That's why I want you to use the performance of your fund today as the benchmark.

It is a two-step process. If the fund you have selected is meant to be your broad exposure to the stock market,

and

the fund does not make much money today or actually

loses

money, you should take some from that manager. The stocks that are down today are

well-telegraphed

losers and only managers who are stubborn or clueless and eternally optimistic would possibly be so long in those stocks. You don't need them to help you make money. They can't. You simply have to take some of that money away and give it to someone who is doing a better job ferreting out the good stocks in this market.

Mutual fund managers are not created equally. Some managers just don't get it. You might be with one of those managers. Today's the day you find out who those fellows are. Tomorrow they find out that they can't hide behind the "growth" name. They are strictly gunners and one-trick ponies who should have known better. Take your money from them, before they leave you with nothing. It is too late to sell most tech. It is not too late to sell all tech or to reposition into better managers.

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. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to

jjcletters@thestreet.com.