Aftermath of the Markup

The trader isn't bearish, he's just waiting for artifically high prices to come down before he buys.
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I always have that old Motown song

Quicksand

running through my head after markup day. That's because there were so many stocks that were moved up massively last week for mutual funds to work themselves out of double- digit holes that it is hard to imagine taking stock at these rarified levels.

We feel we have to let the stocks come in when it is clear that much of the move last week was related to this kind of performance-boosting.

We are by no means bearish. We just want to be opportunistic and buy weakness where weakness shouldn't be. That means avoiding

Akamai

(AKAM) - Get Report

up 13 3/8 and buying

Jabil

(JBL) - Get Report

down 7/16 off of weakness generated by the

Solectron

(SLR)

collateral damage. Everything seems to point toward the Solectron problem being Solectron-specific, but you still get knee-jerk selling in the group.

We are also buying semi-equipment companies on any weakness. We are avoiding the personal computer makers because of fears of more

Intel

(INTC) - Get Report

shortages.

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