Tech Can't Do It Alone

Tough to keep tech down. Everyone -- including me -- believed the stories that IBM (IBM - commentary - Cramer's Take) would be down. The takeovers are awesome, as I mentioned before. I think that the Texas Instruments (TXN - commentary - Cramer's Take) green light is bringing a lot of buyers into the market.

And, perhaps most important, what is going on is misread by a lot of hedge funds that believe there is no way these companies are doing well enough to own. No hedge fund believed the Intel (INTC - commentary - Cramer's Take) bottom story, and no hedge fund believed the Nokia (NOK - commentary - Cramer's Take) bottom story, but the TXN conference call has made them all scratch heads, and Broadcom's (RCM - commentary - Cramer's Take) deal to buy out Emulex (ELX - commentary - Cramer's Take) is shocking them. The rally in Oracle (ORCL - commentary - Cramer's Take) off this purchase is shocking and a testament to how loved tech is, just loved.

Meanwhile, here goes Research In Motion (RIMM - commentary - Cramer's Take) and Apple (AAPL - commentary - Cramer's Take) and Google (GOOG - commentary - Cramer's Take).

Now I think that we are going to have to founder around here a bit because we don't have the oils, and the banks are trying to stabilize, but KeyCorp (KEY - commentary - Cramer's Take) and Northern Trust (NTRS - commentary - Cramer's Take) have bludgeoned us pretty hard. The former is always rumored to be a tough bell-curve grade on the stress test. Bank of America (BAC - commentary - Cramer's Take) is unremitting and can really end up being a real millstone to the group. It can affect Morgan Stanley (MS - commentary - Cramer's Take) and JPMorgan Chase (JPM - commentary - Cramer's Take) negatively if it drops through to $6.

Remember you need tech, oil and banks to go up, because they are the leaders.

You need all three. No one group can take us up.

So if you see the oil stocks turn, you could get an OK sign to rally. Natural gas is in crash mode, so I don't expect anything good from that contingent. Minerals have still run too much, so I don't expect them to rally yet.

Importantly, the industrials continue to play a minimal role in any rally or selloff. United Technologies (UTX - commentary - Cramer's Take) is good, and it goes up nicely, and no one seems to care. Caterpillar (CAT - commentary - Cramer's Take) is terrible, and no one seems to care. DuPont (DD - commentary - Cramer's Take) is a push, and nobody seems to care.

The selloff in drugs, today courtesy of Merck (MRK - commentary - Cramer's Take), is devastating. This group has become as toxic as CDOs. Retailers don't seem to be playing much of a role either, and the group is mixed.

Yawn.

Tech needs help. It can't do it alone. If it doesn't get it, sell the market again. Revisit it tomorrow.

At the time of publication, Cramer was long CAT, JPM and MS.

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Jim Cramer is co-founder and chairman 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. Watch Cramer on "Mad Money" weeknights on CNBC. To order Cramer's newest book -- "Jim Cramer's Stay Mad for Life: Get Rich, Stay Rich (Make Your Kids Even Richer)," click here. Click here to order "Mad Money: Watch TV, Get Rich," click here to order "Real Money: Sane Investing in an Insane World," click here to get "You Got Screwed!" and click here for Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he appreciates your feedback and invites you to send comments by clicking here.

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