Get Your Share of the Tech Run-Up

This endless increase in tech, taking a tad of a breather today in the Philadelphia Semiconductor Sector Index (SOX) but no letup in the Nasdaq, has me searching for a strategy that can profit from the increase.

I would love to pose this one to you. I would emphasize that you have to get long this PowerShares QQQ Trust (QQQQ - commentary - Cramer's Take) for a Christmas rally -- the move up is too unbearable to ignore. The entire mindset of this market is that the worst is over for tech and that we are in 2003, when Microsoft (MSFT - commentary - Cramer's Take), Intel (INTC - commentary - Cramer's Take), Oracle (ORCL - commentary - Cramer's Take) and Cisco (CSCO - commentary - Cramer's Take) just took off, taking a ton of players with them, like Citrix (CTXS - commentary - Cramer's Take) or Corning (GLW - commentary - Cramer's Take) or Symantec (SYMC - commentary - Cramer's Take) and Adobe (ADBE - commentary - Cramer's Take).

I didn't see that one coming in 2003, although I got caught up buying EMC (EMC - commentary - Cramer's Take) and Corning, which worked and worked big. I also bought Conexant (CNXT - commentary - Cramer's Take) and Lucent, which worked for a time and then failed miserably.

So, you buy the index.

Then you try to find the ones that are up too much vs. the index, and you short them.

Can you short Apple (AAPL - commentary - Cramer's Take) here? I think that on any ramp you can, as I am now as concerned as others about the Steve Jobs health issue, and as much as I think that the rest of the team there is valuable, you pay a premium for innovation, and I believe that the innovation is from Steve Jobs. I also am concerned that the slowdown in the Mac is real and that Apple and Dell (DELL - commentary - Cramer's Take) are losing share to Hewlett-Packard (HPQ - commentary - Cramer's Take).

I don't believe in any of the semi equipment stocks, with the exception of Teradyne (TER - commentary - Cramer's Take), because that's too cheap. I am happy to buy puts on an Applied Materials (AMAT - commentary - Cramer's Take), a KLA-Tencor (KLAC - commentary - Cramer's Take), a Novellus (NVLS - commentary - Cramer's Take) and the like. This group is endlessly hyped by Wall Street, and I am not buying it at all.

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