The Big Bad Event is over, so buyers come in, even when the event ain't so hot? That's our thinking. People buy tech because they are not worried about the Fed? Makes sense. People buy tech because we have the Hambrecht & Quist conference Monday and it will be bullish? Makes sense again.

People who got

short ahead of this number are hurt. People who got long ahead of this number are now letting them go to the people who are short and covering!

Incredible, just incredible. This market does whatever it can to frustrate the most people. It is diabolically devious. It is, well, exactly like 1994!

Random musings:

Cisco

(CSCO) - Get Report

does a giant acquisition, buying a company for about 35 times revenue. Only Cisco can get away with this stuff, because it knows how to do these kinds of acquisitions. I remain bullish on Cisco and will buy it ahead of the quarter ... Darn CDs starting to earn too much vs. your mutual fund. Starting to be competition.

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