A Rally of Real Buying

For Cramer, he keeps waiting for a moment to get in. It is always like that.
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The rally you are seeing is real buying. It looks like some of the bigger mutual fund families are scaling back out of tech and putting that money to work in the financials and, to a lesser extent, the drugs. I think you will find that when the mutual funds report their end-of-the-year positions, you are going to see names such as

Chase

(CMB)

and

J.P. Morgan

(JPM) - Get Report

added, and names such as

Microsoft

(MSFT) - Get Report

and

Cisco

(CSCO) - Get Report

diminished.

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This is a huge shift, and given the size of the pools of capital we are talking about, it can't end right here. These behemoths, when they switch direction, tend to take things well beyond where you think they should go.

I am not long Chase (I stipulate I am a moron for that), but if Chase got a market multiple it would go to 120. That means these funds haven't even started yet.

For me, I keep waiting for a moment to get in. It is always like that. I won't be given that moment. I will have to pay up in the end. Same with

Wells Fargo

(WFC) - Get Report

, another that has attracted massive interest. At least I have the J.P. Morgan.

At home, we play with dinosaurs. When they move around, even the replicas, they knock a lot of things over to get where they are going to go.

So do funds.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long J.P. Morgan, Microsoft and Cisco. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

jjcletters@thestreet.com.