Many Tech Farmers in the Dell

Dell's (DELL - commentary - Trade Now) the new tell. Now that Apple (AAPL - commentary - Trade Now) has broken out and everyone loves it again and Jobs is back, I am staying close to Apple, but I am now focusing on Dell.

Why Dell?

Because Dell's doing terribly. It is an also-ran. It has nothing cooking. All it has done lately is borrow a lot of money -- perhaps to do an acquisition, perhaps not. It is incredible how little momentum this company has, less than Hewlett-Packard (HPQ - commentary - Trade Now), and I have to tell you that's saying something, although I like Hewlett-Packard for the integration of EDS.

But what's Dell doing? It's going up. And up. And up some more. This stock is up 33% this year!

What's happening? People are thinking that the P.C. business is getting better, that Dell is getting better and that both the consumer and the enterprise are getting better. (Dell's big into enterprise; it is the provider at General Electric (GE - commentary - Trade Now)).

Put simply, you can't be bearish on tech if Dell's rallying like this. It is inconceivable.

Many of you probably think this whole thing is nuts and that Dell's a short up here. I would say that Dell is emblematic of what's really happening -- namely, the endless, vicious, unstoppable rally in the Nasdaq. I have read four different articles in the past four days about how I am nuts to say that we are in a raging bull market in tech. But how else can we explain the rally in Dell on no good news?

I think it's a raging bull market.

At the time of publication, Cramer was long Hewlett-Packard and General Electric.

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Know what you own: Other tech stocks include International Business Machines (IBM - commentary - Trade Now), Microsoft (MSFT - commentary - Trade Now) and Cisco Systems (CSCO - commentary - Trade Now).

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