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TheStreet.com Staff
Recent action suggests we might be seeing a respite in the tech selling spurt, Jim Cramer said on TheStreet.com TV's Wall St. Confidential video Wednesday.
But don't get your hopes up. "We're in a glass-half-full mode in tech because the shorts pressed their bets so greatly off of expiration last week," Cramer said. "We were confounded by the work off of the options hangover which then positioned tech to be too low and ready for a trade -- just a trade, but a trade is worth grabbing." Actually, it's "very telling" that Yahoo! (YHOO Quote), in particular, is up because when listening through the Internet company's conference call people will realize that the company really doesn't have a clue of what it's doing, he told Aaron Task, the host of Wall St. Confidential. The move by Yahoo!, which Cramer owns for his charitable trust, Action Alerts PLUS, should cause a perception among the hedge funds that the stock will go up whether it is good or bad, which will get the shorts to switch directions, Cramer said, adding that Google (GOOG Quote) is also running off of Yahoo!. Regarding Sun Microsystems (SUNW Quote), another company that's going up despite its recent report, besides some margin expansion there is nothing really great going on at the company, he said. Cramer said AT&T (T Quote) is one of the most interesting stories coming out of the tech period. He said that from its call, it was clear to him that the company could use Apple's (AAPL Quote) iPhone to get customers from Verizon Wireless (VZ Quote) by giving away its service for a year and a half to those customers who buy the phone.
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