The Incredible Rising QLogic

There's a gnawing sensation in my stomach, and unfortunately it's not the chili I made last night for the kids. No, that bad feeling is the feeling of the bubble being reinflated all over again. You could see it in Thursday's action. I mean, you'd have thought we learned the "companies with no earnings" lesson, but there you had [insert your favorite Nasdaq stock here] up 20% or 25%.

As a trader, I really don't care. Heck, I had some of those nutty stocks in the Chartman Service last night. It's just that I have this nagging feeling now that it's Dow circa 1929 all over again. As you recall, that was another "splat" that erupted for a 50% gain in five months, only to collapse another 90% over the next few years until it reached its bottom in mid-1932.

So, a new bull market? Hey, as long as we have days like Thursday, it's just that same old greed/fear thing working.

But we save all of this for the fundies to discuss (although, truth be told, I'd make a heck of a fundie!). Instead, we'll just do some technical analysis today on the Dow, QLogic (QLGC Quote - Cramer on QLGC - Stock Picks), Discount Auto Parts (DAP Quote - Cramer on DAP - Stock Picks), Pediatrix Medical (PDX Quote - Cramer on PDX - Stock Picks), Broadwing (BRW Quote - Cramer on BRW - Stock Picks), Phelps Dodge (PD Quote - Cramer on PD - Stock Picks) and Mentor (MNTR Quote - Cramer on MNTR - Stock Picks).

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And that's the final word from the trading turret, where "easy" and "the market" sure don't go together like they used to.