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Work the Truce in SOX, OSX Duel

This column was originally published on RealMoney on Nov. 15 at 1:38 p.m. EST. It's being republished as a bonus for TheStreet.com readers.

What's this I spy? A Semiconductor Index (SOX) rally and an Oil Service Index (OSX) rally? We haven't had too many of those. I wonder if we are finally at a level where these two antagonists for mutual-fund dollars have reached equilibrium.

We've had some pretty peculiar patterns of late, but one of the strangest has been the dueling momentum between these two groups. Because there aren't that many new dollars chasing stocks and because there have been a fair number of new stocks created, we are always in the big tug of war. What's really anomalous about this particular battle is that it is senseless -- I will buy tech even if gasoline is high. However, because people somehow have decided that as gasoline goes up, you have to sell anything that's an expensive gadget, these two groups have been handcuffed to each other with only one winner.

Alas, I believe the equilibrium can't last. I believe that we are going to see tech in ascendancy and oil and natural gas slipping back, and I would sell oils into strength even as I would chase tech.

But it looks like, for the moment, everyone's one big, happy family.

Don't bet it will last but enjoy the ride. Just don't forget to get off energy. Inventory numbers beckon, and I can't imagine they will help the oil bulls.

P.S. from TheStreet.com Editor-in-Chief, Dave Morrow:
It's always been my opinion that it pays to have more -- not fewer -- expert market views and analyses when you're making investing or trading decisions. That's why I recommend you take advantage of our free trial offer to TheStreet.com RealMoney premium Web site, where you'll get in-depth commentary and money-making strategies from over 50 Wall Street pros, including Jim Cramer. Take my advice -- try it now.

James J. Cramer is a director and co-founder 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 ActionAlertsPLUS. Listen to Cramer's RealMoney Radio show on your computer; just click here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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