Something Good's Cooking in Dot-Coms

Overstock.com. Ask Jeeves. Microstrategy. MarketWatch.com. Expedia. USA Interactive. eBay. Amazon. United Online. Revenge of the Net?

These are the stocks that are working right now. They go up, some every day. They are the place of real momentum. No one wants to talk about this group as a cohort because the tire tracks are still on our backs from the dot-com period. But it is instructive that this group can rally.

It is instructive because these stocks were in the nasty bear market that preceded this mega bear we are in right now. There was a time when even the idea of mentioning Microstrategy or Ask Jeeves, let alone mentioning them positively, would have gotten you pilloried. But make no mistake about it, there is a positive article about Michael Saylor and Microstrategy today in The Washington Post and a lovely piece about Ask Jeeves in Investor's Business Daily. USA Interactive held the most upbeat conference call I have been on this year. eBay doesn't want to quit anytime soon. And I am willing to give MarketWatch its due: good quarter.

Sure, the casualties in the sector far outweigh anything good that is happening in the dot-com world. Heck, the casualties on one day in April 2000 equal all the gains this group of stalwarts will ever make.

But we have to admit that something good is going on. And, for this most jaded dot-commer, a pleasure to see.

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James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. At the time of publication, Cramer was long USA Interactive. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to [e-mail]. Listen to Cramer's RealMoney Radio show on your computer; just click here. Click here to buy Cramer's latest book, "You Got Screwed!" Click here to order Cramer's autobiography, "Confessions of a Street Addict."