Cisco (CSCO) - Get Report and Applied Materials (AMAT) - Get Report were victories for the bulls today, even as they, at times, looked comatose and jaundiced, respectively, for a spell there.

Why victories? Because Applied Materials looked down big, off of missing a whisper. The idea that it could rally at all on its prospects shows that, somehow valuation may be seeping back into the

Nazzdog

world. You might getting a different type of nonmomentum buyer, the kind of buyer who says, "Heck, at 20 times earnings, I will take that growth, especially give

Bristol's

(BMY) - Get Report

lackluster prospects."

Cisco, frankly,surprised me at the close. Shareholders of companies that have been bought by Cisco have a chance to sell -- I believe the window is open -- and it didn't get pummeled. I thought it would close unchanged. Plus 1 11/16 just ain't that bad.

These two stocks were the market today. Had they been down we would have had a completely different session. After the bears have romped and rolled and pawed their way on top, today went to the bulls.

'Bout time.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Cisco and Applied Materials. 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.