Tech's Fall Run Begins Early

Tech's blooming. It is anticipating the annual fall run -- just as predictable as the big salmon runs -- and people are jumping on some old stalwarts: Cisco (CSCO - commentary - Cramer's Take), Dell (DELL - commentary - Cramer's Take), Hewlett-Packard (HPQ - commentary - Cramer's Take), Microsoft (MSFT - commentary - Cramer's Take) and Intel (INTC - commentary - Cramer's Take). These stocks all have somewhat compelling stories, and I agree with the buying.

Cisco just reported, and simply by not blowing up and keeping the bar steady, the stock has legs. It should remain that way into the fall, particularly because Cisco made it clear that financial enterprise spending is coming back. That in itself is kind of stupefying, but you suspend your critical faculties when it comes to tech going into the fall. Microsoft has put Yahoo! (YHOO - commentary - Cramer's Take) behind it and is buying stock back like the old days, making people feel darned good about it.

Intel, Dell and Hewlett-Packard are all of a piece. Intel's winning the war against a pathetic AMD (AMD - commentary - Cramer's Take), which is falling off a cliff; INTC is the quintessential August stock going into the back-to-school and holiday seasons. Of course, if you buy it up here you are going to have to endure hedge fund rumors that motherboard orders in Southeast Asia are disappointing -- that's something that's also as regular as a red salmon run.

Dell's intimated that things are quite good and getting better, and HPQ has the upcoming freebie integration of EDS that makes for great cost savings. I tend to believe the bull case after looking at Lenovo's great quarter.

Of course, there are other stories that actually have catalysts: Research In Motion (RIMM - commentary - Cramer's Take) on new products, and Qualcomm (QCOM - commentary - Cramer's Take) on more patent settlements, to pick two strong ones. The weakness in QCOM off of ne'er-do-well Anadigics (ANAD - commentary - Cramer's Take) is really compelling -- much more upside there. Amazon (AMZN - commentary - Cramer's Take) makes a ton of sense on a logistical set of positives that make it the tech retail leader. The Kindle beat Sony (SNE - commentary - Cramer's Take). Kindle could be huge and isn't in the stock. Google (GOOG - commentary - Cramer's Take)? Tough, because it's linked to the weakest part of the economy: advertising. No turn in sight there at all.

There's lots to like this year in tech. You don't need to reach down into the SanDisks (SNDK - commentary - Cramer's Take) -- as people are doing -- or the Broadcoms (BRCM - commentary - Cramer's Take). There's plenty of solid, low-hanging fruit to choose from. Plenty that's doing just fine that will participate in this oil-declining tech rally.

At the time of publication, Cramer was long Hewlett-Packard, Qualcomm and Cisco.

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