Here's the Tech Script

So Qualcomm's (QCOM - commentary - Cramer's Take) good -- buy everything tech and get it rolling. Oh my, how many times since 1999 have we seen this movie?

New to the game? Haven't seen how it ends? OK, first, one tech explodes up and people say, "You know what, I am underweighted tech," and people reach for their faves: Oracle (ORCL - commentary - Cramer's Take), Saleforce.com (CRM - commentary - Cramer's Take) (I bet that one rallies 3 points between today and Monday!), Intel (INTC - commentary - Cramer's Take), IBM (IBM - commentary - Cramer's Take), H-P (HPQ - commentary - Cramer's Take), Research in Motion (RIMM - commentary - Cramer's Take) and a semiconductor equipment stock of any bull's choosing.

The shorts don't cover, though. They put out more. They know "the truth" that what is good for QCOM is just good for QCOM and nothing else.

Then, on day two, the analysts, who have been so shellshocked by the declines, come out of their pillboxes and trench lines and claim they did "channel checks" that show "conclusively" that June isn't as bad as they thought.

That causes real buyers to swarm because now they have "data" that says it is safe to buy.

On day three, we get a series of articles about how tech's alive and well and some strategists -- top-down guys -- say, "Wow, what an opportunity given these historically low valuations," and we get more buying. On day four -- Tuesday -- the stocks don't come in because the big mutual and hedge funds have not completed their buy orders.

That's the day the shorts capitulate and you get the biggest up move.

Then another company does the opposite of QCOM and tells the truth about how bad things really are, and then that stock goes tumbling down the hill, and the rest all come tumbling after.

Now you know the movie. Walk out or rush in when you want, but know how it all ends.

At the time of publication, Cramer had no positions in the stocks mentioned.

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