Tech's Resilience May Not Matter Much

Resilience. That's the tech position. Last week the market was jarred by the downgrade of Intel (INTC - commentary - Cramer's Take) on the worry of double-ordering. But today some nice comments about Hewlett-Packard (HPQ - commentary - Cramer's Take) are putting that worry to rest. EMC (EMC - commentary - Cramer's Take) is coming back and people are liking the Oracle (ORCL - commentary - Cramer's Take) despite the sleeping giant, SAP (SAP - commentary - Cramer's Take), waking up to make acquisitions.

Frankly, it may not matter much. This market exists on oil and oil's going down, taking the stocks with it. The reversal in infra and ag shows that to be the case.

So while it is reassuring that a mildly beaten-up group can get right off the canvas, it might be wasted because the falloff in oil stings the S&P 500.

Oddly, you know what's a real sideshow? The downgrades of Merrill (MER - commentary - Cramer's Take). If this is all that can be mustered on the downside for Merrill, it's possible that this selloff won't be all that deep at all.

Contained -- with tech as a possible leader, provided oil stabilizes.

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

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