A Turning Tide

It seems like whatever was bad yesterday is good today, and vice versa. Cramer's holding out hope for those bonds to hold.
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Remember those 100 points they took away yesterday because bears raided the market down on some sort of Johnson-Smick bond rumor? Now they are going to tack them back on.

Cramer's latest: Tell us what you think on

TSC

Message Boards. We are sitting here taking

Intel

(INTC) - Get Report

in premarket trading because that stock just got crushed, but

Microsoft

(MSFT) - Get Report

has told us that PC demand is just fine. The selloff yesterday in tech seems like it already went too far.

Intel shouldn't have been at 65. I only wish I had been here at the close yesterday so I could have bought more.

Of course,

IBM

(IBM) - Get Report

remains a big wild card, but if you are on the sidelines waiting for it, I think it will keep you out of some good action today.

The tough thing about this market is the bonds. I keep buying them. Bought some more today at 97, and they still are sinking.

We can't get the big, all-encompassing rally unless those bonds turn. Otherwise what will happen is that tech will run and everything else will falter.

I still hold out hope that the bonds hold. I am certainly betting that way. But it does seem like that whatever was bad yesterday is good today -- and vice versa.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Intel, Microsoft and the 30-year bond. 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.