That's why my take is to do very little, except to continue selling the consumer-products-company stocks that were starting to roll over, and to be very careful of the parabolic moves that are all over the place. Those stocks are just too hard to buy. They are all better sales, for the most part, until they get to lower levels. Now, I am not joining the negativists who think this is the real deal downturn that will wipe out everything. For the most part, those are people who missed the last 4,000 points in the Dow, or at least the last 2,000. However, I see no rush to buy anything unless it has a higher yield -- perhaps a clobbered master limited partnership or real estate investment trust. Health Care REIT ( HCN), American Realty Capital Properties ( ACRP) or Enterprise Products Partners ( EPD) come to mind. For the others, I would prefer to wait until they help the cost basis. For myself and Stephanie Link, co-portfolio manager at Action Alerts PLUS, that means a decent pullback. If, instead, the market hangs up here and doesn't go down, I would like to take more profits vs. money I put to work. Remember, this is for Action Alerts PLUS, where we have kept pace with the market. That gives us a slightly clearer head than those who need this market to be much lower in order to save their numbers for the quarter. All in all, a cautious approach is warranted. Not extreme caution, but certainly no enthusiasm. I didn't like the last 1% to 2%, so I can't suddenly like it now. We were trimming a lot of the big gainers last week, and that looks right. Putting the money back in a hurry will look wrong until more is known and more erosion talks place. At the time of publication, Action Alerts PLUS, which Cramer co-manages as a charitable trust, was long BMY.