Intel Proves That Tech's Played Out

To read Richard Suttmeier's reasons for believing that tech stocks are undervalued, click here.

Amazing how Intel (INTC - commentary - Cramer's Take) stopped tech in its tracks. Here you have a terrific midquarter update, on top of a magnificent Texas Instruments (TXN - commentary - Cramer's Take) quarter and a bravura performance from National Semiconductor (NSM - commentary - Cramer's Take), and what happens?

Squat.

To me, that is a sign, once again, that after convertible arbitrage, tech is too picked over, too traded, too measured, too efficient to make us any money.

I hate situations where you get everything right and yet you still don't win. That's what happened with Intel. I had a great sense of the quarter, a great sense of what management would say in the future, I even had a good handle on the margins, and what did I make? Nothing.

Now, you could argue, "Wait a second, here's a stock that is up big from where it was." But I point out that the real goal is to find the EnCanas (ECA - commentary - Cramer's Take) and the bebes (BEBE - commentary - Cramer's Take) and the Urbans (URBN - commentary - Cramer's Take), not to find stocks that do nothing when they say good things.

Now I look at tech since that week-ago update and it looks, frankly, terrible. Nothing's happening at all. And, worse, there's nothing to look forward to. I can't even think about what gets it moving.

Bottom line: It was nice while it lasted, but the action is all away from that game, as it has been for the last half-decade.

Random musings: Attention all RealMoney Radio fans! My radio show has moved to a brand-new time, as of today, Monday, June 13. I will be on the air live one hour earlier, from 2 p.m. to 3 p.m. EDT, so be ready to call me then, at 1-800-862-8686! We'll still talk stocks, sectors and mutual funds, we'll still fix 401(k)s, we'll still play Am I Diversified?, Stump Cramer and the Lightning Round -- just one hour earlier! Check your local radio station for broadcast times. You also will be able to listen to a replay of the show on the Web an hour earlier, at 4 p.m. EDT. And get ready to call me at 2 p.m. EDT -- I want to talk to you! Booyah!

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At the time of publication, Cramer was long Intel and EnCana.

James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here. Listen to Cramer's RealMoney Radio show on your computer; just click here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict."