Mobile Internet Tsunami

Apple (AAPL - commentary - Trade Now), Broadcom (BRCM - commentary - Trade Now), SanDisk (SNDK - commentary - Trade Now) -- they just won't quit. Qualcomm (QCOM - commentary - Trade Now) is right back, Intel (INTC - commentary - Trade Now) is moving up and Microsoft (MSFT - commentary - Trade Now) -- by virtue of its pantsing of Yahoo! (YHOO - commentary - Trade Now) -- is back on the right track even if it had a terrible quarter.

These are all part of the mobile Internet tsunami that is this generation's equivalent of the 1992 PC rally and the 1996 Internet rally.

I am spending a lot of time today on reverse discipline. That's when you figure out the most difficult thing and you do it. The toughest thing to do was to buy the Nasdaq after the big streak because the propensity to say "I missed it" reigns supreme. But the simple truth is that's not how it works if you have a broad overarching theme.

I know so few people who want to believe in a major theme. They've all been so had that they don't know what happens when they see markets rally except to sell -- that's actually been the right course for most stocks for so long that it is counterintuitive to buy into a rally.

But that's what history dictates. T.J. Rodgers, the visionary CEO of Cypress Semi (CY - commentary - Trade Now) is convinced that we are early on in this revolution. So is Bob Bowman, CEO of MLB.com, the foremost early adopter of the mobile Internet world.

Remember in 1992 we got profit-taking for awhile, but you did just fine if you bought. But not in 1996 -- there simply was no profit-taking and you got stocks that gave you 10-baggers. (Ironically, the leader was Yahoo!)

Right now you cannot be constrained by convention of the last few years if you are buying within this theme. We just got the next generation smartphones from Apple. The others are coming. You cannot cash in now.

Random musings: Eastman Kodak has lost its raison d'etre, but International Paper and Dow Chemical are making big industrial comebacks as July got stronger... Vale (VALE - commentary - Trade Now) is saying so many right things....

At the time of publication, Cramer was long Qualcomm and Vale.

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