If you looked at how

TheStreet.com Internet Sector

index was performing Friday, you might conclude it was just a modestly successful day. The Dot was up 7.63, or 0.9%, at 897.20 in recent trading, underperforming the

Nasdaq

, which was up 83.36, or 2.2%, at 3803.60. But on a whole, the Net sector was more in tune with the Nasdaq than the Dot and, barring a late selloff, appeared to be ending the week on a positive note.

Our own

James Cramer

wrote that the rally was being led by shorts who guessed wrong after Friday morning's

employment report. If true, the market would need fresh buying to extend the rally. But Friday's numbers weren't necessarily good enough to get people 'bulled up' in light of the

Fed

meeting in a couple of weeks. Expect the back-and-forth trade to continue, particularly with the market coming out of earnings season and lacking many catalysts to drive it much higher.

Among Net stocks,

Inktomi

(INKT)

was down 4 1/4, or 2.9%, at 143 after trading as high as 153 3/4. Thursday, the company held an analysts' day that, from all accounts, was positive. But traders may have been booking profit after the fact, as Inktomi traded as high as 162 7/16 Thursday.

Elsewhere, Internet security firms, which had benefited from all of the viruses being spread, were off their highs as traders booked some profit.

McAfee.com

(MCAF)

was up 1 5/8, or 5.8%, at 29 5/8 after trading as high as 31 3/8.

Network Associates

(NETA)

was up 1/2, or 2%, at 25 7/8 after trading to 26 13/16.

SonicWALL

(SNWL)

was up 4, or 5.4%, at 78 1/4 after trading as high as 85 5/8.

Symantec

(SYMC) - Get Report

was up 1/2, or 0.8%, at 61 9/16 after trading as high as 64.

At the request of many readers (OK, it was two), we contacted Steve Frenkel, market strategist with

Ladenburg Thalmann

, about the recent recovery in the Nasdaq in lieu of the bearish forecast he laid out for us

recently. Here is his e-mailed response:

I called last Friday for Nasdaq to rally to 3820-3905. It subsequently peaked at 3981 Monday. I now believe it is in a wave that will take it down to 2729 by next week. In the SPX I had called for a top the week before of 1475-82 and it peaked April 26 at 1483. It is significant that the SPX high Monday was 1481, i.e., lower than April 26. The bottom line is that my wave counts have held up and we should now head down after Friday's rally peaks at Nasdaq 3818-3855 and SPX 1435-40. I'm still looking for Nasdaq 2729 and SPX 1300 within 10 days and then a rally to 3200 and 1338 by late May, then a further drop to Nasdaq 1900 and SPX 1114-1263 by late June. And I still am convinced we are beginning a 2-3 year bear market to much lower levels.