Fed Fever Spurs Analyst Upgrade Cycle By Jim Cramer RealMoney.com Columnist 1/11/2008 9:15 AM EST

The Street becomes your friend again when it thinks that the Fed will be aggressive. It happens every time. Of course, this Fed is so wildly inconsistent that it could take away the slicing and rate-dicing plan tomorrow, they are that bad. I can only imagine the vociferous fight Ben Bernanke will get from those who simply want the market to work itself out, as I hear so many libertarians -- many of whom are really in charge when it comes to White House policy -- arguing that moralistic point.

But there is no question that the Honeywell (HON) , Dell (DELL) and Hewlett-Packard (HPQ) upgrades this morning are about the Fed Fever now working its way through the system. It's a simple analysis: by this time next year things will be better because rate cuts change the confidence equation, so get in now.

In particular I like H-P. The company has been almost Verizon (VZ) -like in its consistency but it has fallen 8 straight points because of a couple of notebook datapoints away from its own business. I like it, but you will soon have to deal with options expiration pressure that could cap it at $45.

Look for others like this next week, including Intel (INTC) , where I believe that analysts will have a chance to say the worst is over there, too.

At the time of publication, Cramer was long Hewlett-Packard.

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