So how come Amazon's (AMZN - commentary - Trade Now) up? How can it take out its all-time high -- a high, by the way, that was viewed as fanciful at the time by any person of rigor? Why? Because the huge spike in the stock a decade ago had to do with how one day it would overtake the Wal-Marts (WMT - commentary - Trade Now) of the world because of low prices augmented by no sales tax.

Yes, it is amazing that the stock price finally got back there. Really amazing.

But more important is that people were still shorting the darned stock because Wal-Mart had "taken aim" at them. No one seems to understand that Wal-Mart can't really compete with Amazon because Wal-Mart's not able to use its clout with producers destroy Amazon's margins. Nor does Wal-Mart have the fulfillment strength that Amazon has. Plus, like a print operation with an online arm, Wal-Mart doesn't want to so undercut its bricks-and-mortar operation that people stop going to it and the company loses the big impulse buyers.

I am equally amazed that people are finally waking up to the fact the eBay's (EBAY - commentary - Trade Now) a great place to go for bargains. I mean, after all, it's a bargain site, for heaven's sake. We have been buying it for Action Alerts PLUS because it is a cheap and undervalued Amazon!

Anyway, the stocks of both companies show that people are still underestimating the online model after that turn-of-the-century period of overvaluation. In Amazon's case, it is finally happening.

eBay? It only has to get to where it was two years ago to start making you some big money.

Random musings: I would be buying Macy's (M - commentary - Trade Now) right here. Just too ridiculously cheap.

At the time of publication, Cramer was long eBay.

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