Tech Can't Provide Leadership

Choppy here. Why not?

We lived off the semiconductor story with Analog Devices (ADI - commentary - Cramer's Take) for a week, but we haven't had any new information in tech.

We have Oracle (ORCL - commentary - Cramer's Take) doing another deal as its stock slips, and I think the negative from Oracle will overshadow the excitement from Hyperion (HYSL - commentary - Cramer's Take).

We have an in-line quarter from Ciena (CIEN - commentary - Cramer's Take) and more sloppiness from Nortel (NT - commentary - Cramer's Take).

Tech just can't provide any leadership here.

I think that may be the crucial problem in this market. We seem to have lost Hewlett-Packard (HPQ - commentary - Cramer's Take) right now. We are not getting the pop we should have from good news or upgrades: Witness the muted reaction to BEA Systems (BEAS - commentary - Cramer's Take), Sun (SUNW - commentary - Cramer's Take) and Brocade (BRCD - commentary - Cramer's Take) upgrades.

Dell (DELL - commentary - Cramer's Take) won't save us.

I am not seeing a big turn in cell phones, and I have little conviction on PCs.

What's really going on here?

I think it is the recognition that, a month late, we are focused on the negative effect of the seasonality of tech. It's just not the time. Without tech, we lack leadership.

Meanwhile, UBS upgrades Bristol-Myers (BMY - commentary - Cramer's Take), and that's where the money's going.

Random musings: The Sears (SHLD - commentary - Cramer's Take) quarter looks great, but it is in the grip of the bears, so I fear it won't matter.

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

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