TheStreet.com TV Recap: Tech Signs
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), 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) is also running off of Yahoo!. Regarding Sun Microsystems (SUNW), 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) 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) iPhone to get customers from Verizon Wireless (VZ) by giving away its service for a year and a half to those customers who buy the phone.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV