The Tech Fire Sale Is Overblown

This column was originally published on RealMoney on July 10 at 2:45 p.m. EDT. It's being republished as a bonus for TheStreet.com readers.

I get it. Apple's worth nothing. Qualcomm's(QCOM Quote) worth nothing. Broadcom's(BRCM Quote) worth nothing. Marvell(MRVL Quote) is worth nothing. Motorola's(MOT Quote) valueless. Corning's(GLW Quote) too expensive.

And on and on.

Think about it. This market has written off the following: personal computers, wireless, gadgets and big-screen TVs, networking, and the Internet, save Google(GOOG Quote).

Look, I am willing to admit that some of these sectors are tough. I am also willing to stipulate that Microsoft(MSFT Quote) hurt a lot of tech with Vista's lateness. And I will concur that the statement from 3M(MMM Quote) about big-screen TVs makes me nervous about that segment.

But can we just acknowledge that one day Vista will ship? Or how about that cell phones will grow? Or the fact that it isn't just Google that is winning online? Or that the gadget market is alive and well for back-to-school and Christmas?

A few months ago we had a major bear market in Cephalon(CEPH Quote) and Celgene(CELG Quote) and Genzyme(Nasdaq Quote) and Gilead(GILD Quote). It was hideous. Without anything new or better happening, it suddenly turned around when the economy slowed.

Doesn't it stand to reason that one day tech will turn for similarly opaque reasons?

I think so. I know that getting in front of tech right now is like getting in front of a freight train.

It's too hard.

But I think back to all of the times when I have seen the Broadcoms of the world rock and roll, the Citrixes(CTXS Quote) and the Network Appliances(NTAP Quote) and the Marvells, and I have said, "Why didn't I buy them when they were down. What was I thinking?"

And the answer is, "Because I couldn't take the pain."

It's time to take some pain.

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's 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.

At the time of publication, Cramer was long Citrix, Microsoft, Network Appliance and Qualcomm.

Here's your chance to pick the stock you'd like me to feature on my radio show July 13: Analogic Caterpillar DJ Orthopedics Freeport McMoRan General Dynamics Home Depot

REMEMBER to listen in on Thursday for my take on the stock that wins this poll!