Tech Is Too Advanced, and That's a Good Thing

No doubt tech can and did get ahead of itself, as we saw during today's selloff. If it didn't, then I would never advocate selling any Apple (AAPL - commentary - Trade Now), for example, or even reference Top Gun Trader Bensignor's call to take profits in some Research In Motion (RIMM - commentary - Trade Now). You could most certainly argue the absurdity of buying Palm (PALM - commentary - Trade Now) up here given the run.

So, Doug Kass, I am not diametrically opposed on the trading; I am in agreement. For the fundamentals, however, we are in opposite camps.

I am going to continue to advocate the buys of Apple and Research In Motion and Palm if you don't have them as well as pushing the likes of Qualcomm (QCOM - commentary - Trade Now) or Broadcom (BRCM - commentary - Trade Now) or Skyworks (SWKS - commentary - Trade Now).

Here's the problem, though: Not owning has been a huge blunder; selling has been a huge blunder.

That's because we have our first, actual secular growth trend, a product cycle that can be gigantic, smartphones, which finally have the tech (thanks, Qualcomm), the design, the intelligence, the applications (thanks, Research In Motion and especially iPhone) and the fast infrastructure being built around the globe (thanks, communist China). We are behind on this, and some would point to AT&T's (T - commentary - Trade Now) wireless network as the weakness. Plus, we have a monster network push coming from AT&T for the iPhone, Sprint (S - commentary - Trade Now) for the Pre -- and that does matter -- and Verizon (VZ - commentary - Trade Now) for the BlackBerry.

These are all trends that will not be interrupted, even if the stocks will be, because the trends are secular in nature and as powerful as the typewriter to the PC, the newspaper to the Web, and snail mail to email. Yes, it is that good, and it is that unrecognized.

So, enjoy the pullback. We are due for one. We always get a big one the week before options expiration, and maybe this is it.

I say, Good, you don't have to pay up for once. Great place to be.

At the time of publication, Cramer was long Qualcomm.

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