Don't Get Sucked Into Tech Stocks - TheStreet

This column was originally published on RealMoney on March 8 at 8:48 a.m. EST. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here.

The insistence that tech should go higher here is annoyingly palpable. This morning Morgan Stanley upgraded

KLA-Tencor

(KLAC) - Get Report

and

Applied Materials

(AMAT) - Get Report

and I am sure there will be the predictable excitement that comes from saying anything good about anything semi.

To which I say, "Great, in five months I am all over this upgrade." Not much in 2007 has played out the way people thought it was supposed to,

except the calendar

when it comes to tech, which is to say that you can't own it here. You just have to forget about it.

You can occasionally trade it;

Google

(GOOG) - Get Report

at $440 seemed right for a trade. So do

Yahoo!

(YHOO)

and

eBay

(EBAY) - Get Report

.

But the semis?

Intel

(INTC) - Get Report

,

Micron

(MU) - Get Report

and

AMD

(AMD) - Get Report

are all pathetic.

And the softwares? Just try to get a rally going with

Microsoft

(MSFT) - Get Report

and

Oracle

(ORCL) - Get Report

acting so sick.

I like the networkers, but in actuality that means I like

Cisco

(CSCO) - Get Report

, 'cause

Ciena

(CIEN) - Get Report

and

Alcatel-Lucent

(ALU)

and

Tellabs

(TLAB)

are just awful (and I know about the Ciena contract from

Scott Moritz's excellent work.)

To me, a call about the semiconductor equipment with endmarkets as weak as they are, ex-

Avnet

(AVT) - Get Report

and

Analog Devices

(ADI) - Get Report

, just seems like a giant waste of time.

There are some decent stocks in this market, but almost

none

involve tech. Consider

Hewlett-Packard

(HPQ) - Get Report

: great quarter and no real worries about

Dell

(DELL) - Get Report

, it turns out. But the stock is still 8% from where it reported.

I think

Apple's

(AAPL) - Get Report

going to have outstanding iPhone numbers, but that stock too is rangebound.

The group just, to quote the CEO of

D.R. Horton

(DHI) - Get Report

, sucks.

Don't get sucked in. It won't work.

Random musings:

Ah, the conundrum of what happens after a big up day. We go up 160 points, the most in ages, and we don't go up the next day. Is that bad or good? "Of course it's bad." We go up 160 points and then we go up 100 points the next day. Is that bad or good? "Of course it's bad; it's a short squeeze." I have done a lot of work on what happens after big down and big up days, and the work has revealed something startling, something downright shocking: The next day is of no significance! I sure wish it were, but sorry, the markets just won't obey.

At the time of publication, Cramer was long Yahoo! and Hewlett-Packard.

Jim 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

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