Oil Seduces Even the Technophiles

Sell the Cisco (CSCO - commentary - Cramer's Take), buy Chesapeake (CPK - commentary - Cramer's Take).

Dump the Dell (DELL - commentary - Cramer's Take), grab some Devon (DVN - commentary - Cramer's Take).

Let the EMC (EMC - commentary - Cramer's Take) go and pick up some EnCana (ECA - commentary - Cramer's Take).

Who needs this Google (GOOG - commentary - Cramer's Take) headache? Get me some GlobalSantaFe (GSF - commentary - Cramer's Take).

Yeah, all over the Street, that's what I am hearing. People are selling their tech because they can't take the pain of watching the oils go up without them.

Sell the Intel (INTC - commentary - Cramer's Take), buy the ChevronTexaco (CVX - commentary - Cramer's Take).

Eject Microsoft (MSFT - commentary - Cramer's Take), bring in Murphy Oil (MUR - commentary - Cramer's Take).

Hit the bids in National Semi (NSM - commentary - Cramer's Take); take the offers in National Oilwell (NOI - commentary - Cramer's Take).

Get rid of Texas Instruments (TXN - commentary - Cramer's Take). Buy Houston Exploration (THX - commentary - Cramer's Take).

It just doesn't stop.

What I find most compelling about it all, though, is that it has taken a move like what we've seen in the oils to jar the technophiles into action. I finally am hearing people who can't take the pain of sitting in tech make a move into something that moves. Of course, some managers are leaving tech for the likes of Caterpillar (CAT - commentary - Cramer's Take) and Rockwell (ROK - commentary - Cramer's Take). You see that in the JLG (JLG - commentary - Cramer's Take) move.

But the operating theme on most trading desks is, "Enough of these Ciscos, I can't take it anymore. Get me something that goes up."

Notice that I am not willing to say "You know what? This is the top." It isn't. Oil stocks still are only at 8.6% of the S&P 500's market cap. The top won't come until we breach 10%.

It's just breathtaking to see the tech lethargy come out of the market.

Out of Sun Micro (SUNW - commentary - Cramer's Take), into Meridian.

Now, that makes some sense.

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Please note that due to factors including low market capitalization and/or insufficient public float, we consider Meridian Resources to be a small-cap stock. You should be aware that such stocks are subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information, and that postings such as this one can have an effect on their stock prices.

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At the time of publication, Cramer was long EnCana and Intel.

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. 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."