Nasdaq Holds a Summer Sale

So that's the end of the Nasdaq rally? That's it? We wipe out all of the gains in one session?

I don't think so. Of the areas being shelled today, the one that is most appealing to me is tech, simply because:

1. I think oil is going down.
2. The seasonality is in your favor.

I know that every tech junkie in the world hates IBM (IBM - commentary - Cramer's Take), but this stock rarely gives you a chance to get in, and I would take it. Hewlett-Packard (HPQ - commentary - Cramer's Take) flirting bellow $45 makes some sense, and Cisco (CSCO - commentary - Cramer's Take) and Intel (INTC - commentary - Cramer's Take) are down fractionally. If they went down a few more fractions, I would buy some.

Qualcomm (QCOM - commentary - Cramer's Take) had a big run last week, so maybe you wait another point. Research In Motion (RIMM - commentary - Cramer's Take)? Down 3, I would buy.

It is important to remember that this group is going to be bought ever more aggressively as we get to September.

Kept that in mind; use price breaks to accumulate, including this one.

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

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